The Bank of Ghana (BoG) has cautioned against the pricing of goods and services in foreign currencies in the country.
A statement from BOG said such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies and institutions from pricing, advertising, receipting or making payments in foreign currencies in Ghana.
According to them, the law prohibits individuals or institutions from engaging in foreign exchange business without a licence issued by the Bank of Ghana.
“Such violations are punishable on summary conviction by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen months(18) or both,” the Bank of Ghana cautioned.
The bank also cautioned the public to desist from “black market” transactions.
BoG further reiterated in the statement signed by its Secretary, Sandra Thompson, that the only legal tender for transactions is the country is the Ghana Cedi.