Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex – Emerging Markets Bitcoin News

Bank of Ghana issued a warning to businesses and citizens against making foreign currency transactions without authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s top currencies.

Potential Prison Time for Violators

Ghana’s central bank has reminded citizens that it is illegal to receive or make payments in foreign currencies without their express permission. The bank also similarly warned businesses against “engaging in foreign exchange business without a license issued by the Bank of Ghana.”

According to the Bank of Ghana, those who are caught violating regulations will be subject to heavy fines. Alternatively, those in violation of the respective regulations face “a term of imprisonment of not more than eighteen (18) months or both.”

Citizen are urged to report violations

According to BOG, Ghana is only able to use the cedi (local currency) as its legal tender. The central bank indicated that it will take action against companies who break the law, and will punish all those responsible. According to the BOG, this statement read:

The Bank of Ghana in partnership with National Security agencies and other law enforcement agencies will continue to crack down on illegal foreign-exchange operations. All violators shall be punished according to law.

The BOG also stated in the statement that Ghanaian citizens are encouraged to report any violation of the Foreign Exchange Act at its complaint offices.

The warning by the BOG comes just over a month after the cedi, which depreciated by 8.86% between January 1 and February 25, was named the worst-performing among Africa’s top currencies. The cedi’s fall comes more than a year after it was rated the best-performing currency.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.