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Don’t advertise, trade or deal in foreign currencies – BoG warns

The Bank of Ghana wants companies, institutions and individuals to cease the charging and paying for goods and services with foreign currencies in the country, saying its illegal.

A statement issued by the Central Bank cautioned that the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.

Such violations, according to the BoG statement are punishable by summary conviction, a fine of up to 700 penalty units or a prison term of not more than 18 months, or both.

The sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa, said the statement.

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