Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex

The Bank of Ghana has warned companies and the general public in opposition to the observe of demanding or making funds in international forex with out its authorization. The central financial institution’s warning comes simply over a month after Ghana’s forex was rated the worst performing amongst Africa’s high currencies.

Violators Face Possible Prison Time

The Ghanaian central financial institution has reminded the general public that the observe of receiving or making funds for items and providers in international forex with out its categorical authorization continues to be prohibited. The financial institution additionally equally warned companies in opposition to “participating in international change enterprise and not using a license issued by the Bank of Ghana.”

In a statement, the Bank of Ghana (BOG) mentioned these caught on the mistaken facet of rules face hefty fines. Alternatively, these in violation of the respective rules face “a time period of imprisonment of no more than eighteen (18) months or each.”

Citizens Urged to Report Violations

According to the BOG, solely the native forex, the cedi, is the only authorized tender in Ghana. The central financial institution additionally indicated it’ll descend on corporations breaking the legislation and all offenders will likely be punished in accordance with the legislation. In the assertion, the BOG mentioned:

Bank of Ghana, in collaboration with National Security and legislation enforcement businesses, will proceed to clamp down on unlawful international change operations. All offenders shall be handled in accordance with the legislation.

Meanwhile, within the assertion, the BOG mentioned Ghanaian residents ought to report any violations of the Foreign Exchange Act to its complaints places of work.

The warning by the BOG comes simply over a month after the cedi, which depreciated by 8.86% between January 1 and February 25, was named the worst-performing amongst Africa’s high currencies. The cedi’s fall comes greater than a yr after it was rated the best-performing forex.

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