Tag: Bank of Ghana

The Bank of Ghana (BoG) has reminded the public that companies, institutions and individuals are prohibited from engaging in the foreign exchange business, pricing, advertising, receipting or making payments for goods and services without authorization. The BoG in a public notice dated April 5, 2022, said this is in accordance with the Foreign Exchange Act, 2006 (Act 723), which states that companies, institutions and individuals are prohibited from: i. engaging in foreign exchange business without a licence issued by Bank of Ghana; or ii. pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from the Bank of Ghana. Violations The bank said such violations were punishable on summary conviction,...