By Benjamin Nii Nai Anyetei
Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has urged the public to report individuals or businesses engaged in unauthorised pricing or trading in foreign currencies, particularly the US dollar, to the central bank for investigation.
Speaking at the 126th Monetary Policy Committee (MPC) press conference in Accra, Dr. Asiama reiterated that such practices are illegal under Ghana’s Foreign Exchange Act, 2006 (Act 723), which designates the Ghanaian cedi as the sole legal tender for all domestic transactions.
“The Foreign Exchange Act of 2006 clearly stipulates that the Ghanaian cedi is the sole legal tender for all transactions within the country. Unless an individual or entity has received explicit authorisation from the Bank of Ghana to quote prices or issue invoices in foreign currency, such practices are prohibited,” he explained.
Dr. Asiama noted that offenders could face prosecution, stressing that only licensed entities operating under specific regulatory approvals may transact in foreign currencies under strict conditions.
He encouraged Ghanaians to treat violations of this law as serious offences, comparable to any other breach of national legislation.
“If you become aware of any unauthorised pricing or trading in foreign currency, you are encouraged to report the matter to the Bank of Ghana. Such reports will be investigated thoroughly,” he said.
