The Bank of Ghana is warning all Ghanaians and foreign residents in Ghana to refrain from pricing, advertising, receiving or making payments in any foreign currency for goods or services such as school fees, real estate rental, airline ticketing, among others.
It says those found culpable will be fined about seven hundred penalty units or a prison term of about 18 months or both.
According to the Central Bank, unlicensed or unauthorized dealings in foreign currency remain illegal and contravene Section 3 and 4 of the Foreign Exchange Act, Act 723.
The issue about dollarization of the economy has been of immense concern to the regulator. This, to a large extent, has affected the value of the cedi against the dollar.
The Central Bank however reminded Ghanaians and foreign residents that the Ghana Cedi is the only legal tender in Ghana.
Source: GNA
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