BoG Provides Financial Literacy On Foreign Exchange Bureaux

In a financial literacy on foreign exchange bureaux, the Bank of Ghana has reminded Ghanaians that trading in foreign currency without a licence from the Bank of Ghana is punishable.

The penalties come in the form of conviction, a fine of up to 700 penalty units or a prison term of not more than eighteen months or both.

It noted that a Bank of Ghana licence issued to the foreign exchange bureau should be displayed on the premises of the bureaux.

“In addition, all foreign exchange bureaux are required to affix the forex bureau logo in front of their premises.”

“It is unlawful to price, advertise or demand payment for goods and services in foreign currency in Ghana.

“Always remember, the sole legal tender in Ghana is the Ghana Cedi and the Ghana pesewas.

“The maximum value per transaction that may be carried out at a foreign exchange bureau is US$ 10,000.00.

“It is unlawful to buy or sell foreign currency to or from an unlicensed person or entity otherwise known as the “Black Market”.

Source: opemsuo.com/Hajara Fuseini