The high demand for the major trading currency, dollar in a local economy largely undermines the strength of the local currency and render it impotent of which the Ghana cedi is not an exception.
For this reason, the Bank of Ghana has warned individuals, companies and institutions to refrain from pricing, advertising and receipt or payment for goods and services in dollars.
According to Bank of Ghana, the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.
The BoG in a statement said such violations are punishable by summary conviction, a fine of up to 700 penalty units or a prison term of not more than 18 months, or both.
The statement also noted that the sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.
Below is the full statement issued by Bank of Ghana.
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