Bank of Ghana: Stop Pricing And Receiving Payments In Dollars - Businesses Warned

• The Bank of Ghana has warned the business community in Ghana against pricing and doing other related activities in dollars and other foreign currencies
• The central bank said transacting in foreign currency in Ghana without authorisation is against the law
• The BoG said in a statement that it is collaborating with law enforcement agencies to continue the clampdown on businesses flouting the law

The Bank of Ghana (BoG) has warned the business community against pricing, advertising, receiving, or making payments in dollars and other foreign currency in Ghana without its approval.

In a statement issued on Thursday, April 7, 2022, the central bank said the long-standing order is consistent with the Foreign Exchange Act, 2006 (Act 723).

“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.

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“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 license or authorization from Bank of Ghana,” the statement stressed.

The statement signed by the Secretary to the Governor of the Bank of Ghana, Sandra Thompson, reminded the public that “the sole legal tender in Ghana is the Ghana Cedi.”

The central bank stated that it would collaborate with National Security and Law Enforcement Agencies to continue the clampdown on illegal foreign exchange operations.

“All offenders shall be dealt with in accordance with the law,” the statement warned.

Freedom Coin: Bank Of Ghana Warns Public About Freedom Jacob Caesar’s Upcoming Initiative

The Bank of Ghana has cautioned the public about the soon-to-be-launched ‘Freedom Coin’, said to be a cryptocurrency business owned by popular, self-acclaimed Ghanaian young millionaire, Freedom Jacob Caesar, also known as Cheddar.

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In a statement published on its website on March 9, 2022, the central bank said the Freedom Coin has not secured the Bank of Ghana’s approval.

“It has come to the attention of Bank of Ghana that there is an impending launch of a cryptocurrency named ‘Freedom Coin’. The public is hereby cautioned that neither this cryptocurrency nor the promoting company has approval from Bank of Ghana to operate in the banking and payment sector,” the statement warned.

Bank Of Ghana Policy Rate Raised By 2.5% To 17% In First Increase Since 2018

The Bank of Ghana has raised the rate at which it lends to commercial banks by 2.5%, from 14.5% to 17%.

This means commercial banks will also increase the rate they lend to their customers in the coming days.

Bank of Ghana’s Monetary Policy Committee (MPC) announced the decision today, Monday, March 21, at a meeting with journalists and key stakeholders.

Source: YEN.com.gh