‘Sole Legal Tender is Cedi’ Ghana Bans Spending in Foreign Currencies
The Ghanaian government has banned spending and transaction of businesses in foreign currencies in the country.
The Central Bank of Ghana, which disclosed this in a statement Thursday, warned citizens and companies to stop transacting business, pricing goods and services and advertising in foreign currencies.
According to the country’s apex bank, it is illegal for individuals, companies, institutions, and others to engage in foreign exchange business without an appropriate licence from the regulator.
Dr. Ernest Addison Governor Bank of Ghana
“Engaging in foreign exchange business without a licence issued by Bank of Ghana; or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorisation from Bank of G...