The Bank of Ghana on May 9, 2019, warned institutions and individuals to desist from charging or paying for goods and services in foreign currencies.

According to the central bank, the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment of goods and services in foreign currency in Ghana.

Read the full story originally published on May 9, 2019, by ClassFM.

The Bank of Ghana has cautioned companies, institutions and individuals who charge and pay for goods and services with foreign currencies in the country to desist from the practice.

According to the Central Bank, the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.

The BoG said such violations are punishable by summary conviction, a fine of up to 700 penalty units or a prison term of not more than 18 months, or both.

The BoG in a statement noted that the sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.