Ghanaian authorities Thursday said the use of foreign currencies to transact businesses in the country would no longer be permitted.

The Bank of Ghana Secretary Sandra Thompson said the ban on illegal forex trading in Ghana is in accordance with the Foreign Exchange Act, 2006 (Act 723) and that “violations are punishable on summary conviction.”

Banks, companies, institutions and individuals in Ghana are warned to desist from “engaging in foreign exchange business without a licence issued by Bank of Ghana.”

Also, pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from Bank of Ghana are also prohibited.

Thompson noted 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 (18) months, or both.

“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 licence or authorization from Bank of Ghana,” Thompson said.

Update news