Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex

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The Financial institution of Ghana has warned companies and the general public towards the follow of demanding or making funds in overseas foreign money with out its authorization. The central financial institution’s warning comes simply over a month after Ghana’s foreign money was rated the worst performing amongst Africa’s high currencies.

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Violators Face Potential Jail Time

The Ghanaian central financial institution has reminded the general public that the follow of receiving or making funds for items and providers in overseas foreign money with out its categorical authorization continues to be prohibited. The financial institution additionally equally warned companies towards “partaking in overseas trade enterprise with out a license issued by the Financial institution of Ghana.”

In a statement, the Financial institution of Ghana (BOG) mentioned these caught on the flawed facet of laws face hefty fines. Alternatively, these in violation of the respective laws face “a time period of imprisonment of no more than eighteen (18) months or each.”

Residents Urged to Report Violations

Based on the BOG, solely the native foreign money, the cedi, is the only authorized tender in Ghana. The central financial institution additionally indicated it would descend on corporations breaking the legislation and all offenders can be punished in accordance with the legislation. Within the assertion, the BOG mentioned:

Financial institution of Ghana, in collaboration with Nationwide Safety and legislation enforcement companies, will proceed to clamp down on unlawful overseas trade operations. All offenders shall be handled in accordance with the legislation.

In the meantime, within the assertion, the BOG mentioned Ghanaian residents ought to report any violations of the International Trade Act to its complaints places of work.

The warning by the BOG comes simply over a month after the cedi, which depreciated by 8.86% between January 1 and February 25, was named the worst-performing amongst Africa’s high currencies. The cedi’s fall comes greater than a yr after it was rated the best-performing foreign money.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively in regards to the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.