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Ghana News

Today in History: The BoG advises against billing for or paying for goods and services in foreign currencies

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On May 9, 2019, the Bank of Ghana issued a warning to businesses and people urging them to stop billing or accepting payments in foreign currencies for goods and services.

The Ghanaian government is not allowed to advertise, accept, or pay for products and services in foreign currency, according to the central bank’s interpretation of the Foreign Exchange Act, 2006 (Act 723).

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The Bank of Ghana has issued a warning to businesses, organisations, and people that use foreign currency to purchase products and services in the nation, urging them to stop doing so.

The Foreign Exchange Act, 2006 (Act 723), according to the Central Bank, outlaws the sale of goods and services in Ghana in foreign currency as well as the pricing, advertising, and acceptance of such payments.

The BoG states that such offences are subject to summary conviction, a fine of up to 700 penalty units, a jail term of no more than 18 months, or both.

The only legal tender in the nation is the pesewa and cedi of Ghana, according to a statement by the BoG.

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