The Government of Ghana have banned the use of foreign currency in business transactions within the country.
Ghana’s Central Bank made the announcement, warning citizens and companies to immediately stop transacting business, pricing goods and services and advertising in foreign currencies.
The Bank of Ghana Secretary, Sandra Thompson said in a statement that the ban is in accordance with the Foreign Exchange Act, 2006 (Act 723). She added that “violations are punishable on summary conviction.”
“Engaging in foreign exchange business without a licence issued by Bank of Ghana; or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorisation from Bank of Ghana,” the statement reads.
“Such violations are punishable on summary conviction by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen months(18) or both.”
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“The General Public is hereby notified that the sole legal tender in Ghana is the Ghana Cedi.”
“The Bank of Ghana, in collaboration with the National Security and Law Enforcement Agencies, will clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law.”
Ghana have been trying to tackle their economic turmoil in different ways. Two weeks ago, the country’s government announced that the salaries of Political appointees will be cut by up to 30 per cent.