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Tuesday, July 5, 2022

BoG Warns Against Pricing Goods, Services In Dollars

Dr. Ernest Addison

The Bank of Ghana (BoG) has sent a stern warning to persons pricing goods and services in foreign currencies, especially in United States Dollars.

According to the apex bank, pricing in foreign currencies is illegal thereby persons engage in such practices should desist or have themselves to blame.

Bank of Ghana explained that such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies and institutions from pricing, advertising, receipting, or making payments in foreign currencies in Ghana.

The central bank in a statement also said the law prohibits individuals or institutions from engaging in foreign exchange business without a licence issued by the Bank of Ghana.

“Such violations are punishable on summary conviction by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen months (18) or both,” the Bank of Ghana cautioned.

The bank also cautioned the public to desist from “black market” transactions.

The central bank further reiterated in the statement signed by its Secretary, Sandra Thompson, that the only legal tender for transactions in the country is the Ghana Cedi.

“The Public is hereby notified that the sole legal tender in Ghana is the Ghana Cedi. The Bank of Ghana, in collaboration with the National Security and Law Enforcement Agencies, will clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law.’

The public is urged to call 0302665005 or WhatsApp the BoG on 0596912354 or 0501502270, or email at [email protected]

The action by the apex bank follows the current challenges of the Ghana Cedi against major trading currencies, especially the dollar, as well as the country’s economic woes.

The cedi in recent times has depreciated against major trading currencies, while the country’s inflation also keeps rising.

In a bid to salvage the woes of the cedi, the central bank recently decided to pump about $2 billion into the economy to reduce pressure on the cedi.

By Vincent Kubi

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