The Bank of Ghana (BoG) has warned that the purchase and trade in foreign currency from the black market is illegal and punishable by law.
In a statement, it urges all Ghanaians not only to desist from buying foreign currencies from unlicensed forex pimps but also report the activities of such people.
The release was part of the Central Bank’s financial literacy education on forex bureau operations.
It said that those who sell and buy foreign currencies without license are liable for possible sentencing upon a summary conviction, to a fine or a prison term of not more than 18 months, or both.
“A Bank of Ghana license issued to a forex bureau should be displayed in the premises. In addition, all forex bureaus are required to affix the forex bureau logo in front of their premises. Look out for the forex bureau logo”, it said.
Even for persons buying currencies from genuine forex bureaus, the Central Bank said they would be required to provide proper identification of themselves, making the formal forex trading even more prohibitive.
Meanwhile, the BoG also reiterated that the sole legal tender in Ghana is the cedi and the pesewa warning that it is therefore illegal to price anything in any other currency in the country.
“The sole legal tender in Ghana is the Ghana cedi and the Ghana pesewa. It is prohibited to price, advertised and demand payment for goods and services in foreign currency,” the central bank warned.
It added, “The license issued to forex bureau by the Bank of Ghana permits them to engage only in on the spot selling and buying of foreign currencies. You cannot deposit Ghana cedis with a forex bureau at an agreed rate and collect the foreign currency equivalent at a later date”, it said.
Meanwhile, the maximum amount per transaction at the forex bureau is $10,000.