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The Financial institution of Ghana has warned companies and the general public in opposition to the observe of demanding or making funds in international forex with out its authorization. The central financial institution’s warning comes simply over a month after Ghana’s forex was rated the worst performing amongst Africa’s prime currencies.
Violators Face Attainable Jail Time
The Ghanaian central financial institution has reminded the general public that the observe of receiving or making funds for items and companies in international forex with out its categorical authorization remains to be prohibited. The financial institution additionally equally warned companies in opposition to “participating in international change enterprise with out a license issued by the Financial institution of Ghana.”
In an announcement, the Financial institution of Ghana (BOG) stated these caught on the flawed aspect of rules face hefty fines. Alternatively, these in violation of the respective rules face “a time period of imprisonment of no more than eighteen (18) months or each.”
Residents Urged to Report Violations
In line with the BOG, solely the native forex, the cedi, is the only authorized tender in Ghana. The central financial institution additionally indicated it’ll descend on corporations breaking the regulation and all offenders will probably be punished in accordance with the regulation. Within the assertion, the BOG stated:
Financial institution of Ghana, in collaboration with Nationwide Safety and regulation enforcement companies, will proceed to clamp down on unlawful international change operations. All offenders shall be handled in accordance with the regulation.
In the meantime, within the assertion, the BOG stated Ghanaian residents ought to report any violations of the International Trade Act to its complaints places of work.
The warning by the BOG comes simply over a month after the cedi, which depreciated by 8.86% between January 1 and February 25, was named the worst-performing amongst Africa’s prime currencies. The cedi’s fall comes greater than a yr after it was rated the best-performing forex.
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