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Ghana has banned the use of foreign currencies and made the Cedi the sole legal tender.

 

NewseReport gathered that the Ghanaian government has made it illegal to spend or conduct business in foreign currencies.

The Ghanaian Central Bank issued a statement on Thursday warning people and businesses not to do business, price goods, and services, or advertise in foreign currencies.

Individuals, corporations, institutions, and others are prohibited from engaging in foreign exchange transactions without first obtaining a license from the regulator, according to the country’s central bank.

The statement reads, “Engaging in foreign exchange operations without a license provided by Bank of Ghana; or pricing, advertising, receipting, or making payments for products and services in foreign currency in Ghana without written approval from Bank of Ghana.”

“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.”

 

The bank also cautioned the public to stop transacting business from the black market.

“Bank of Ghana hereby cautions the general public to desist from dealing in illegal forex activities (black market transactions), pricing, advertising, receipting, or making payments for goods and services in foreign currency in Ghana, without the requisite license or authorization from Bank of Ghana,” it added.

“The 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.”

The Bank of Ghana said it has collaborated with the national security and law enforcement agencies to clamp down on illegal foreign exchange operations.

 

The country has been trying to manage its present economic hardship.

In March, the government announced a 30% salary cut for its appointees to mitigate economic hardship.

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