The Bank of Ghana has issued a warning to all Ghanaians to desist from buying and selling foreign currency from unlicensed dealers. It is an illegal act since it is prohibited by law.
This by default would mean all ‘black market’ operators are illegal foreign exchange dealers and as such Ghanaians must avoid any form of transactions with them.
Bank of Ghana is therefore calling on the general public to report such illegal activities to the Financial Stability Department of the Bank of Ghana to be dealt with by the law upon summary conviction, by a fine or a prison term of not more than 18 months. This was highlighted in the Bank of Ghana’s publication on Financial Literacy Education on Forex Bureaux.
Below is the highlight of the publication.
- Engaging in the business of buying and selling foreign currency without a license from the Bank of Ghana is punishable upon summary conviction, by a fine or a prison term of not more than eighteen months, or both.
- A Bank of Ghana license issued to forex bureaux should be displayed on the premises of the forex bureaux. In addition, all forex bureaux are required to affix the forex bureau logo in front of their premises. Look out for the forex bureau logo.
- It is prohibited by law to buy or sell foreign currency to or from an unlicensed person or entity. Report such illegal activities to the Financial Stability Department of the Bank of Ghana.
- You will be required to provide identification documents before conducting any transaction with a forex bureau. Identification documents include passport, driver’s license, voter’s ID and the National ID card. If your forex bureau does not require ID from you or does not retain a copy of your ID, please report them.
- Subject to availability, you can obtain foreign currency from only authorized dealer banks and forex bureaux after providing all relevant documentation.
- A “black-market” operator is an illegal foreign exchange dealer who does not have a Bank of Ghana’s license. Please avoid them.
- Beware! You are likely to trade in fake currency, be drawn into money laundering, terrorist financing or be attacked by armed robbers when you do business with a “black-market” operator.
- The sole legal tender in Ghana is the Ghana Cedi and the Ghana Pesewa. It is prohibited to price, advertise, and demand payment for goods and services in foreign currency.
- The license issued to the forex bureau by the Bank of Ghana permits them to engage ONLY in on-the-spot selling and buying of foreign currencies. You cannot deposit Ghana Cedis with a forex bureau at an agreed rate and collect the foreign currency equivalent at a later date.
- Your personal information provided to forex bureaux is fully protected under the Data Protection Act. Report any mishandling of your personal information to the Bank of Ghana.
- Any person (resident and non-resident) who wishes to transact any business in Ghana should exchange their foreign currency for Ghana Cedis at any licensed forex bureau or bank.
- Any person (resident and non-resident) who wishes to transact any business in Ghana should exchange their foreign currency for Ghana Cedis at any licensed forex bureau or bank.
