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. Violators Face Possible Prison Time 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. The bank also similarly warned businesses against “engaging in foreign exchange business without a license issued by the Bank of Ghana.” In a statement, the Bank of Ghana (BOG) said those caught on the wrong side of regulations face hefty fines. Alternatively, those in violation of the respective regulations face “a term of imprisonment of not more than eighteen (18) months or both.” Citizens Urged to Report Violations According to the BOG, only the local currenc
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