The central bank has issued a warning to companies, institutions and individuals engaged in businesses in foreign exchange.
According to a statement from the Bank of Ghana, the sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.
The statement reminded all and sundry about the Foreign Exchange Act, 2006 (Act 723), which prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.
“Such violations are punishable by summary conviction, a fine up to seven hundred penalty units or a prison term of not more than eighteen months, or both.”
Source: 3news.com
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BOG should be cracking the whip soon. Finally the Cedi will be stable for long time. GHANA NO MORE WEST AFRICAN’S foreign exchange
This warning is coming exactly how MENZGOLD one came but black man will not listen. I KNOW BANK OF GHANA IS COMING HARD SOON ON THESE GUYS SO THEY BETTER HEEL TO ADVISE AND STOP THOSE ILLEGAL TRADING
This warning is coming exactly how MENZGOLD one came black will not listen. I KNOW BANK OF GHANA IS COMING HARD SOON ON THESE GUYS SO THEY BETTER HEEL TO ADVISE AND STOP THOSE ILLEGAL TRADING
SOME STATE INSTITUTIONS AND MOST SHIPPING LINES TRANSACT BUSINESS IN FOREIGN CURRENCIES, ESPECIALLY IN DOLLARS. THEY CONVERT INTO CEDIS USING THEIR OWN RATES WHICH ARE FAR HIGHER THAN THE BANK OF GHANA RATES...... THESE ARE SOME OF THE REASONS WHY THE CEDI KEEPS ON RISING DESPITE ALL EFFORTS TO STABILIZE IT