Ghana Bans Spending of Foreign Currency, Makes Cedi Sole Legal Tender

The Ghanaian government has made it illegal to spend or conduct business in foreign currencies.

The Ghanaian Central Bank issued a statement on Thursday warning people and businesses not to do business, price goods and services, or advertise in foreign currencies.

Individuals, corporations, institutions, and others are prohibited from engaging in foreign exchange transactions without first obtaining a license from the regulator, according to the country’s central bank.

“Engaging in foreign exchange business without a licence issued by Bank of Ghana; or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorisation from Bank of Ghana,” the statement reads.

“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 also cautioned the public to stop transacting business from the black market.

“Bank of Ghana hereby cautions the general public to desist from dealing in illegal forex activities (black market transactions), pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without the requisite licence or authorization from Bank of Ghana,” it added.

“The Public is hereby notified that the sole legal tender in Ghana is the Ghana Cedi.

“The Bank of Ghana, in collaboration with the National Security and Law Enforcement Agencies, will clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law.”

The Bank of Ghana has stated that it has worked with national security and law enforcement agencies to combat unlawful foreign exchange transactions.

The country has been attempting to deal with its current economic difficulties.

To alleviate economic hardship, the government announced a 30% salary decrease for its appointees in March.

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