GHANA’S central bank has cautioned against the use of foreign currencies to transact business within the country, as well as engaging in foreign exchange business.
The Bank of Ghana (BoG) issued a notice on Thursday detailing the prohibitions and outlining the penalty people risked facing if found in violation.
“Such violations are punishable on summary conviction, by a fine of up to seven hundred penalty units or a term of imprisonment of not more than 18 months, or both,” the notice read in part.
The bank said it would continue working together with security agencies to clamp down on illegal foreign exchange operations, and that offenders would face the law.
The Ghanaian government has placed more emphasis on recovery efforts after more than two years of economic downturns due to the COVID-19 pandemic.
In this regard, the government is keen on streamlining income avenues to maximize recovery and put the country back on the growth projections reported prior to the start of the pandemic.