Bank of Ghana warns individuals, institutions against pricing goods and services in dollars, here’s why

The Bank of Ghana has warned individuals and institutions against the pricing, advertising and receipt or payment for goods and services in foreign currencies.

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison

This is the third time this year the BoG has issued a notice prohibiting the act after similar calls in April and May.

In the notice, the Bank of Ghana said, “Some institutions and individuals trade in foreign currencies which are without authorisation according to the BoG.”

It further noted that “Some individuals price rent in foreign currency and commodities like cars and real estate have also been priced in foreign currency in recent times,” adding that, “State institutions have also been known to engage in transactions with foreign currency despite the BoG’s cautions.”

“The Auditor-General, for example, highlighted a transaction between the National Media Commission (NMC) to the National Communications Authority (NCA) which was in dollars.”

A statement, hence, reminded the public that the foreign Exchange act 2006 (Act 723) prohibits the pricing or payment of goods and services in foreign currency in Ghana.

It further noted that such violations are punishable by summary conviction, a fine of up to 700 penalty units or a prison term of not more than 18 months.

The BoG said recently that the increase in deposits of foreign currency partly contributed to the constant depreciation of the cedi in the quarter of the year.

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