The Bank of Ghana (BoG) in 2019 warned companies, institutions and individuals who charge or pay for goods and services in foreign currencies to desist from it.

The central bank noted that the caution was in accordance with the Foreign Exchange Act, 2006 (Act 723).

The above-mentioned Act prohibits the pricing, advertising and payment for goods and services in foreign currency in Ghana.

Persons who violate this Foreign Exchange Act can be imprisoned for 18 months.

Read the full story originally published on May 10, 2019 by ClassFM.

The Bank of Ghana (BoG) has cautioned companies, institutions and individuals who charge and pay for goods and services with foreign currencies in the country to desist from the practice.

According to the Central Bank, the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.

The BoG said such violations are punishable by summary conviction, a fine of up to 700 penalty units or a prison term of not more than 18 months, or both.

The BoG in a statement noted that the sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.