Desist From Illegal Forex Activities; BoG Warns Ghanaians

The Bank of Ghana (BoG) has cautioned Ghanaians against engaging in the pricing, advertising, receipting, or payment of goods and services in foreign currencies in Ghana.

This, the BoG says is against the Foreign Exchange Act, 2006 (Act 723), an Act that speaks against, “engaging in foreign exchange business without a license 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 BoG reiterated that violation of the Act is punishable by a fine of up to seven hundred penalty units, a term of eighteen months imprisonment, or both.

“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 authorisation from Bank of Ghana.”

The BoG says it is collaborating with National Security and Law Enforcement Agencies to clamp down on illegal foreign exchange operations.

It also urged the general public to report any violation they witness.

Source: opemsuo.com/Hajara Fuseini