Foreign Exchange Act, 2006 (the “Act”)

The Act regulate the exchange of foreign currency, international payment transactions
and foreign exchange transfers; to regulate foreign exchange business and other related
matters.
The Act provides that Bank of Ghana (“BOG”) is the licensing, regulatory and supervisory authority to give effect to the Act. It is interesting to note that, BOG as part of its responsibilities of implementation of the provisions of the Act, is empowered to make rules, issue notices, guidelines and manuals to ensure the effective implementation of this Act.
In light of the above, the BOG in a notice No. BG/GOV/SEC/2022/04 that prohibits institutions and individuals from pricing, advertising, receipt and making payment for goods and services in foreign currency.
It is worthy to note that the pricing, advertising, receipt and making of payment in foreign currency without a written authorization from BOG is an offence punishable on summary conviction by a fine of 700 penalty units or a term of imprisonment of not more than 18 months, or both.