Ghana hotels Association warns members to stop quoting prices in foreign currencies

Ghana Hotels Association has directed its members to desist from quoting prices in foreign currencies.

President of the Ghana Hotels Association, Edward Ackah Nyameke Jnr

Speaking to Accra-based Joy FM, the President of the Association, Edward Ackah Nyameke Jnr revealed that the Association had written to the Governor of the Bank of Ghana after the Central bank raised concerns over some hotels quoting in dollars.

“The BoG’s notice on the matter shows that services and products should be quoted in cedis and we are saying we agree on this matter.”

He explained that the Association “has met all the big hotels on this issue for them to quote in cedis” and that “any hotel quoting in dollars is infringing on the law.”

Two opinions on the same issue

However, there seems to a disconnect on this issue because the Tourism Minister, Barbara Oteng Djasi said her office has no problem with hotels quoting prices in dollars or any other foreign currency. She said this strategy implemented by hotels is aimed at cushioning themselves against cedi fluctuations.

“The hotel rates are dollar rated but payments are made in cedis because of currency fluctuations,” adding that as long as payments are being made in cedis, quoting in dollars should not be an issue.

Bank of Ghana warns against quoting prices in foreign currencies

The Central bank has prohibited the pricing, advertising, and receipt or payment for goods and services that are contracted locally in any foreign currency without authorization from the bank.

This was contained in a release issued signed by Alethea Godson-Amamoo on behalf of the Secretary to the BoG.

“The general public is hereby reminded that the Foreign Exchange Act, 2006, (Act 723) prohibits the pricing, advertising, and receipt or payment for goods and services in foreign currency in Ghana.

The sole legal tender in Ghana is the Ghana Cedi and the Ghana pesewa,” the release indicated.

According to the statement, persons found to have violated the directive would face summary conviction, a fine of up to seven hundred penalty units or a prison term of not more than eighteen months, or both.

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