Seek license from BoG to engage in a foreign exchange business

Bank of Ghana

The Bank of Ghana (BOG), in line with the Foreign Exchange Act, has urged the public to refrain from pricing, advertising, and conducting business transactions in foreign currency.

The Central Bank has, therefore, called on entities or individuals seeking to make any dealings with foreign currency to either seek a license from the Bank to engage in a foreign exchange business or request for a written authorisation to trade with foreign currency.

A statement issued in Accra by Ms Sandra Thompson, the Secretary of the Bank, said, “Such violations are punishable on summary conviction, by a fine of up to 700 penalty units or a term of imprisonment of not more than 18 months, or both.”

It further notified the public that Ghana Cedi was the sole legal tender in Ghana and for that matter indicated that the bank had been working with the National Security and other law enforcement agencies to clamp down on illegal foreign exchange operations.

The statement urged the public to report any violations witnessed to appropriate authorities, adding that “all offenders shall be dealt with in accordance with the law.”

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