The Ghanaian government has banned spending and transaction of businesses in foreign currencies in the country.

The Central Bank of Ghana, which disclosed this in a statement Thursday, warned citizens and companies to stop transacting business, pricing goods and services and advertising in foreign currencies.

According to the country’s apex bank, it is illegal for individuals, companies, institutions, and others to engage in foreign exchange business without an appropriate licence from the regulator.

“Engaging in foreign exchange business without a licence issued by Bank of Ghana; or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorisation from Bank of Ghana,” the statement reads.

“Such violations are punishable on summary conviction by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen months(18) or both.”

The bank also cautioned the public to stop transacting business from the black market.

“Bank of Ghana hereby cautions the general public to desist from dealing in illegal forex activities (black market transactions), pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without the requisite licence or authorization from Bank of Ghana,” it added.

“The Public is hereby notified that the sole legal tender in Ghana is the Ghana Cedi.

“The Bank of Ghana, in collaboration with the National Security and Law Enforcement Agencies, will clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law.”

The Bank of Ghana said it has collaborated with the national security and law enforcement agencies to clamp down on illegal foreign exchange operations.

The country has been trying to manage its present economic hardship.

In March, the government announced a 30% salary cut for its appointees to mitigate economic hardship.



https://www.vanguardngr.com/2022/04/ghana-bans-spending-in-foreign-currencies-makes-cedi-sole-legal-tender/

USA will live to regret ever sanctioning Russia.
Because of the sanctions, other countries are now aware that dollar can be weaponized by the USA. I mean we've known this for a while now, but no one was willing to act. But now it's become pretty obvious and other countries are now putting in effort into developing their own currencies and ditching the dollars they might have already in reserve. The downfall of the dollar and even the USA as a whole is just around the corner. It will happen it this our generation

Lalasticlacla, Mynd44
Move to fp

Nigeria have been operating on only Naira

We don't need any law for that

MangekyoAlt:
USA will live to regret ever sanctioning Russia.
Because of the sanctions, other countries are now aware that dollar can be weaponized by the USA. I mean we've known this for a while now, but no one was willing to act. But now it's become pretty obvious and other countries are now putting in effort into developing their own currencies and ditching the dollars they might have already in reserve. The downfall of the dollar and even the USA as a whole is just around the corner. It will happen it this our generation

Read read read

What does this have to do with dollar and sanctions?

Have you seen adverts or prices inside Nigeria with dollar prices before?

Aside that, with the new law, you just need a licence to do that not that it's banned

This has nothing to do with dollar.They will still trade in dollar

Ripple effects from Russia vs Ukraine.

Even if all the countries start strengthening their currencies, not all currencies will still be trade worthy. In no far time, we are back to either gold or the dollar. The more you look, the less you see.