According to the Bank of Ghana, only the country's local currency the cedi remains Ghana's sole legal tender. cedi legaltender
The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s top currencies.The Ghanaian central bank has reminded the public that the practice of receiving or making payments for goods and services in foreign currency without its express authorization is still prohibited.
Bank of Ghana, in collaboration with National Security and law enforcement agencies, will continue to clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law. Meanwhile, in the statement, the BOG said Ghanaian citizens should report any violations of the Foreign Exchange Act to its complaints offices.
The warning by the BOG comes just over a month after the cedi, which depreciated by 8.86% between January 1 and February 25, was named the among Africa’s top currencies. The cedi’s fall comes more than a year after it was rated the best-performing currency.
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