As part of the financial literacy series of the Bank of Ghana, the regulator has provided tips on what to look out for regarding foreign exchange bureaux.
The regulator said engaging in the business of buying and selling foreign currency without a licence from Bank of Ghana is punishable upon summary conviction, by a fine of up to 700 penalty units or a prison term of not more than eighteen months or both.
A Bank of Ghana licence issued to the foreign exchange bureau should be displayed in the premises of the bureaux. In addition, all foreign
exchange bureaux are required to affix the forex bureau logo in front of their premises.
It is unlawful to price, advertise or demand payment for goods and services in foreign currency in Ghana.
Always remember, the sole legal tender in Ghana is the Ghana Cedi and the Ghana pesewas.
The maximum value per transaction that may be carried out at a foreign exchange bureau is US$ 10,000.00.
It is unlawful to buy or sell foreign currency to or from an unlicensed person or entity otherwise known as the “Black Market”.
Source: 3news.com|Ghana