- The Bank of Ghana has notified the folks that it is still prohibited to transact in foreign currency without its authorization.
- In partnership with National Security and Law Enforcement agencies, BOG will continue to crack down on illegal foreign exchange operations, highlighted in a statement.
- This warning comes just over a month after Ghana’s currency was rated as the worst-performing among all African currencies.
Ghana’s Central Bank has reminded the public that receiving or making goods and services payments in foreign currency without its express authorization is still forbidden.
The institution has also warned the businesses against engaging in foreign exchange business without the Bank of Ghana’s issued license.
According to the statement by the Bank of Ghana, those caught on the wrong side of the regulations would suffer hefty fines. And those in violation of the respective regulations face a term of imprisonment of not more than eighteen months or both.
The bank further cites that the Cedi, the local currency, is the sole legal tender in the country. And it signified that it would descend on firms breaking the law, and all the offenders would be punished according to the law.
In partnership with National Security and Law Enforcement agencies, it highlighted that the Bank Of Ghana would continue to crack down on illegal foreign exchange operations. All offenders should be dealt with according to what the law says.
At the same time, the BOG signified in the statement that Ghanaian citizens ought to report any violations of the Foreign Exchange Act to its complaints offices.
This warning comes just over a month after Ghana’s currency was rated as the worst-performing among all African currencies.
The Central Bank of Ghana was recently in the limelight last month when it talked about its CBDC and highlighted that a significant factor of its CBDC would be inclusivity.
As per the Bank Of Ghana, citizens of Ghana should make use of foreign exchange with utmost awareness and folks must acquire proper knowledge if they are considering stepping into this space.
ALSO READ: China’s Xpeng Is Selling NFTs On Alibaba To Mark 100,000th Roll out Of Complete Vehicle
Source: https://www.thecoinrepublic.com/2022/04/12/bank-of-ghana-raises-concerns-regarding-transactions-in-forex/