BoG cautions against Black Market foreign exchange operators
Buying and selling in foreign currency without a licence punishable upon conviction
The Bank of Ghana has reiterated its stance against unlicensed trading in foreign currencies by certain individuals and businesses.
According to the central bank, only universal banks and foreign exchange bureaux are the only licensed institutions that can engage in the activity.
As part of its financial literacy campaign, the Bank of Ghana said the “Black Market” foreign exchange operator does not have a valid license from the Bank of Ghana for that purpose.”
It cautioned that engaging in the business of buying and selling foreign currency without a licence from Bank of Ghana is punishable upon summary conviction, by a fine of up to 700 penalty units or a prison term of not more than 18 months or both.
“A Bank of Ghana licence issued to the foreign exchange bureau should be displayed in the premises of the bureaux. In addition, all foreign exchange bureaux are required to affix the forex bureau logo in front of their premises,” the central bank.
It however described as unlawful to price, advertise or demand payment for goods and services in foreign currency in Ghana.
“Always remember, the sole legal tender in Ghana is the Ghana Cedi and the Ghana pesewas. The proof of customer identification is a requirement which helps to reduce fraud, money laundering and terrorist financing risks among others,” it added.
File photo of Ghana cedis and dollar notes