AfricaLegal Tender: Ghana Bans Spending of Foreign Currencies

Legal Tender: Ghana Bans Spending of Foreign Currencies

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The Bank of Ghana has warned members of the public, particularly businesses, companies and institutions to desist from pricing, advertising and receiving payments in foreign currencies.

Legal Tender: Ghana Bans Spending of Foreign Currencies

This was contained in a statement issued by the central bank, individuals or entities engaged in the illegal act could face imprisonment of not more than 18 months or fines upon summary conviction, GhanaWeb reports.

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The bank said, “Companies, institutions and individuals are prohibited from engaging in foreign exchange business without a license issued by Bank of Ghana; or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from Bank of Ghana. The General Public is hereby notified that the sole legal tender in Ghana is the Ghana Cedi.”

The central bank also cautioned the general public to desist from dealing in illegal forex activities, known as black market transactions adding that the sole legal tender in Ghana is the Ghana Cedi.

The Bank of Ghana however said it is in collaboration with National Security and Law Enforcement Agencies to clamp down on illegal foreign exchange operations.

“All offenders shall be dealt with in accordance with the law and the Bank of Ghana urges the general public to report any violations witnessed,” it concluded.

It will be recalled that two weeks ago, the Ghanaian government announced that the salaries of Political appointees will be cut by up to 30 per cent.

The presidency that made this known on Twitter on Wednesday also said it will pump $2 billion into the economy to “rescue the cedi” currency.

According to Reuters, the West African country is facing rampant inflation, a depreciating local currency and a heavy debt burden that has dented investor confidence and could build up into a debt crisis.

The cedi is said to be weakened by about 20 per cent against the dollar this year, exacerbating its problems.

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