BoG cautions against pricing in foreign currencies in Ghana

The Central Bank, the Bank of Ghana (BoG) has cautioned persons pricing in foreign currencies in Ghana to desist from their action or be prosecuted.

According to the regulator, the laws of the land are against buying or selling foreign currency to or from unlicensed persons.

“A Bank of Ghana license issued to a forex bureau should be displayed in the premises. In addition, all forex bureau are required to affix the forex bureau logo in front of their premises. Look out for the forex bureau logo”, the Bog said in a press release.

It added “The sole legal tender in Ghana is the Ghana cedi and the Ghana pesewa. It is prohibited to price, advertised and demand payment for goods and services in foreign currency.”

Furthermore “the license issued to forex bureau by the Bank of Ghana permits them to engage only in on the spot selling and buying of foreign currencies.

“You cannot deposit Ghana cedis with a forex bureau at an agreed rate and collect the foreign currency equivalent at a later date”, the release added.

“Engaging in the business of buying and selling of foreign currency without a licence from Bank of Ghana is punishable upon summary conviction, by a fine or a prison term of not more than eighteen months, or both.

“It is prohibited by law to buy or sell foreign currency to or from an unlicensed person or entity. Report such illegal activities to the Financial Stability Department of Bank of Ghana,” it further stated.