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Bank of Ghana bans trading of goods in foreign currencies

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The Bank of Ghana (BoG) has banned the pricing, advertising, and receipt or payment of goods and services in foreign currencies in the country.

“The general public is hereby reminded that the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising, and receipt or payment for goods and services in foreign currencies in Ghana,” the BoG stated in a statement released today.

The banking sector regulator says it will vigorously go after those who breach this law, “Such violations are punishable by summary conviction, a fine of up to seven hundred penalty units or prison term of not more than eighteen months, or both,” warned the statement signed by Aletha Godson Amamoo for the BoG Secretary.

Analyst have fingered the practice of quoting goods and services in foreign currencies as one of the main causes of inflation and pressure on Ghana’s foreign exchange reserves.

The BoG has often issued warnings against this practice, it is unclear how the regulator intends to truly and finally enforce this prohibition.

Source: Whatsupnews Ghana

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