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Don’t price your goods in dollars -BoG warns the public

botchway May 10, 2019

 

By Maxwell Obiri-Yeboah

The Central Bank has issued a stern warning to all corporate entities, institutions, and individuals to desist from using any other currency for the payment of any service or product as a legal tender in the country, apart from the Cedi.

The move forms part of measures to boost the use of the local currency, and also help stabilise it from dropping further, both on the international and local markets.

This, if strictly enforced and observed, could tackle inflation and, especially, help the business community during transactions. Again, it would help depopulate and reduce activities within the black market.

In a statement issued and signed by Ms. Alethea Godson-Amamoo in Accra yesterday, the Bank of Ghana (BoG) is warning the general public to desist from making any transaction in any foreign currency, as long as the “deal” is performed in the country.

According to the BoG, it has come to its notice that some persons and individuals are pricing, advertising and receiving payment for goods and services in foreign currencies, meanwhile, it have not given the mandate for any of them to perform such activities in the country.

“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 statement said.

Lately, some entities within the hospitality industry, as well as individual businesses, have been charging and receiving payments in foreign currencies.

Ms. Alethea is, therefore, reminding the public that the sole legal tender in Ghana is the Cedi and pesewa, and that anyone caught in such activity will be punished according to laws of the country.

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