Ghana Employers' Association

BOG prohibits Pricing, Advertising and Receipt or Payment for goods and services in foreign currency in Ghana

May 17, 2019 Uncategorized 0

The GEA would like to inform all members that the Bank of Ghana has prohibited the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.

The Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana. Violation of this law is punishable by summary conviction, a fine of up to seven hundred penalty units or a prison term of not more than eighteen months, or both.

We therefore advice that all companies, institutions and individuals that deal in the business of foreign exchange without authorization from the BOG to desist from such practice.

 

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