Displaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Actress Lydia Forson – Regulation Bitcoin News


The Financial institution of Ghana lately warned companies quoting U.S. greenback costs that the apply remains to be prohibited and that the cedi stays Ghana’s sole authorized tender. The financial institution stated it’s working with regulation enforcement to “clamp down on unlawful overseas trade operations.” Along with naming and shaming companies violating the regulation, a Ghanaian actress urged the central financial institution to cease Ghanaians from working USD accounts.

Cedi Ghana’s Sole Authorized Tender

As shortages of overseas trade and foreign money depreciation proceed to weigh on the Ghanaian financial system, the nation’s central financial institution has once more warned companies displaying costs in U.S. {dollars} that the cedi is the only authorized tender. Responding to Ghanaian actress Lydia Forson’s Nov. 2 tweet which questioned the apply of quoting costs in U.S. {dollars} for native actual property transactions, the Financial institution of Ghana (BOG) insisted that the apply remains to be outlawed.

Additionally, in its reply to the actress’ tweet, the BOG stated it has since enlisted the providers of regulation enforcement companies in its bid to finish the apply.

“BOG is collaborating with regulation enforcement companies to clamp down on unlawful overseas trade operations. We encourage you to report any violations to [email protected],” the central financial institution stated.

As defined within the BOG’s April 22 public discover, Ghanaian companies are prohibited from pricing, promoting, or paying for items and providers utilizing overseas foreign money. The discover warned individuals discovered violating the regulation they risked being imprisoned for as much as 18 months.

Financial institution of Ghana’s Seriousness Questioned

In the meantime, some Twitter customers that replied to the BOG’s tweet appeared to question the central financial institution’s declare it desires to cease the apply. As an illustration, one consumer named Amin requested: “Are you saying no brokers of BOG have seen these billboards on the town promoting properties in foreign-denominated currencies?”

Others prompt that the cedi’s depreciation is the first purpose why some companies are quoting costs in U.S. {dollars}, and naming and shaming establishments which might be violating the regulation. One consumer added that the BOG ought to “cease individuals from working USD accounts particularly those that don’t have anything to do with worldwide commerce or education overseas.”

One other consumer, The Ivan, claimed that Ghana’s import obligation is listed to the dollar which can recommend that the legal guidelines in opposition to quoting costs in U.S. {dollars} “are only for present.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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