Displaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Actress Lydia Forson

The Lender of Ghana a short while ago warned corporations quoting U.S. greenback rates that the follow is nonetheless prohibited and that the cedi continues to be Ghana’s sole lawful tender. The financial institution explained it is doing work with regulation enforcement to “clamp down on illegal international exchange functions.” In addition to naming and shaming companies violating the regulation, a Ghanaian actress urged the central bank to end Ghanaians from running USD accounts.

Cedi Ghana’s Sole Authorized Tender

As shortages of overseas trade and forex depreciation carry on to weigh on the Ghanaian economic climate, the country’s central lender has all over again warned businesses displaying price ranges in U.S. dollars that the cedi is the sole lawful tender. Responding to Ghanaian actress Lydia Forson’s Nov. 2 tweet which questioned the practice of quoting prices in U.S. pounds for neighborhood serious estate transactions, the Bank of Ghana (Bathroom) insisted that the observe is nevertheless outlawed.

Pricey @thebankofghana we need to have to know the greenback is the formal currency for transactions, if not why are so many properties quoted in dollars?

I will tweet about this until eventually you answer if you really don’t I ( and all people else) will believe your rules are only on paper!

— miss out on forson (@lydiaforson) November 2, 2022

Also, in its reply to the actress’ tweet, the Bog explained it has given that enlisted the companies of law enforcement organizations in its bid to conclude the follow.

“BOG is collaborating with law enforcement organizations to clamp down on unlawful overseas trade operations. We motivate you to report any violations to problems.office environment@lavatory.gov.gh,” the central bank mentioned.

As discussed in the BOG’s April 22 community see, Ghanaian businesses are prohibited from pricing, promotion, or shelling out for products and services using foreign currency. The observe warned folks identified violating the law they risked staying imprisoned for up to 18 months.

Financial institution of Ghana’s Seriousness Questioned

Meanwhile, some Twitter consumers that replied to the BOG’s tweet seemed to question the central bank’s claim it wants to cease the practice. For instance, one particular user named Amin questioned: “Are you stating no brokers of Lavatory have observed all those billboards in town marketing attributes in international-denominated currencies?”

@lydiaforson be sure to look at this. However their not imposing what is composed in listed here. Just paper chat. pic.twitter.com/shZSuTpG0z

— Mishael (@MGyemawu) November 2, 2022

Others recommended that the cedi’s depreciation is the major purpose why some corporations are quoting selling prices in U.S. bucks, and naming and shaming institutions that are violating the law. A person consumer extra that the Bathroom need to “stop folks from operating USD accounts particularly these who have very little to do with global trade or education abroad.”

Yet another user, The Ivan, claimed that Ghana’s import duty is indexed to the buck which may well suggest that the rules in opposition to quoting rates in U.S. dollars “are just for present.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and writer. He has published extensively about the financial problems of some African countries as effectively as how digital currencies can offer Africans with an escape route.