Write on BOG Notice

The Act regulates the exchange of foreign currency, international payment transactions
and foreign exchange transfers and business and other related matters.
The Act provides that the 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 implementing 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 its notice No. BG/GOV/SEC/2022/04, 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.