Possessing Foreign Currencies is not a Crime – Malik Basintale
By Praisebell Rosemond Larbi
The Chief Executive Officer of the Youth Employment Agency (YEA), Malik Basintale, has clarified that there is no law in Ghana that criminalizes the possession of foreign currencies such as the US dollar. His remarks come amid a wave of public discussion triggered by a viral video showing Sammy Gyamfi, Ag. CEO of the Ghana Gold Board, allegedly gifting US dollars to self-styled evangelist Nana Agradaa.
The incident has reignited debate on whether holding or transacting in foreign currency without approval is legal under Ghanaian law.
Addressing the controversy, Malik Basintale stated emphatically that “owning foreign currency, including dollars, is not a crime in Ghana.” He explained that what is legally significant is the source of the money and whether it is consistent with the individual’s declared income or financial profile.
“There is a difference between legal possession of dollars and unexplained or suspicious wealth,” he said. “It becomes an issue of interest to the law only when the amount involved raises red flags or cannot be justified.”
He further explained that many individuals and businesses operate in foreign currency for legitimate purposes such as imports, international travel, and remittances. “Business owners, importers, and even ordinary citizens can purchase dollars legally through forex bureaus or banks. The key is transparency and documentation,” Basintale said.
According to the Foreign Exchange Act, 2006 (Act 723), which governs currency usage in Ghana. The Act clearly states that possession of foreign currency in itself is not an offence. However, it prohibits pricing, advertising, or making payments for goods and services in foreign currencies within Ghana unless specifically authorized by the Bank of Ghana.
“People must distinguish between holding foreign currency for private or business purposes and engaging in unauthorized foreign currency transactions,” Basintale added.
The debate reflects wider public concerns about rising inequality, accountability of public officials, and perceptions of unexplained wealth among certain individuals in public service. Malik Basintale urged citizens to focus their attention on ensuring financial transparency and compliance with anti-money laundering standards, rather than making blanket assumptions about currency possession.
Financial analysts have also pointed out that while it is legal to hold dollars, flaunting large sums in cash without context can be seen as tone-deaf or irresponsible in a country facing economic hardship. As public scrutiny grows, some civil society organizations are calling for clearer regulations and more robust financial disclosures by public officials. In the meantime, the conversation around foreign currency ownership and financial ethics is expected to continue.
