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Cedi Made Only Legal Exchange Currency in Ghana

Cedi, the Ghanaian currency is now the only money that will be spent in Ghana as their Authorities has officially declared foreign currencies illegal.

According to the Bank of Ghana, there would no longer be any transaction in the country carried out with foreign currencies as the government warned members of the public, particularly businesses, companies and institutions to desist from pricing, advertising and receiving payments in other money forms that is not theirs.

Aside Cedi, Other Currencies Will Attract Imprisonment

As contained in a press release issued by their CentralBank, it was boldly stated that individuals or entities engaged in the illegal act could face imprisonment of not more than 18 months or fines upon summary conviction.

The bank statement read in brief, “Companies, institutions and individuals are prohibited from engaging in foreign exchange business without a license issued by Bank of Ghana; or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from the country’s Bank. The General Public is hereby notified that the sole legal tender in Ghana is the Ghana Cedi.”

The nation’s apex bank also cautioned the general public to desist from dealing in illegal forex activities, known as black market transactions adding that the sole legal tender in the country is the Cedi.

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