The Financial institution of Ghana not too long ago warned companies quoting U.S. greenback costs that the observe continues to be prohibited and that the cedi stays Ghana’s sole authorized tender. The financial institution stated it’s working with legislation enforcement to “clamp down on unlawful overseas alternate operations.” Along with naming and shaming companies violating the legislation, 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 alternate and forex depreciation proceed to weigh on the Ghanaian economic system, the nation’s central financial institution has once more warned companies displaying costs in U.S. {dollars} that the cedi is the only real authorized tender. Responding to Ghanaian actress Lydia Forson’s Nov. 2 tweet which questioned the observe of quoting costs in U.S. {dollars} for native actual property transactions, the Financial institution of Ghana (BOG) insisted that the observe continues to be outlawed.
Expensive @thebankofghana we have to know the greenback is the official forex for transactions, if not why are so many properties quoted in {dollars}?
I’ll tweet about this till you reply; for those who don’t I ( and everybody else) will assume your legal guidelines are solely on paper!
— miss forson (@lydiaforson) November 2, 2022
Additionally, in its reply to the actress’ tweet, the BOG stated it has since enlisted the companies of legislation enforcement businesses in its bid to finish the observe.
“BOG is collaborating with legislation enforcement businesses to clamp down on unlawful overseas alternate operations. We encourage you to report any violations to complaints.workplace@bathroom.gov.gh,” the central financial institution said.
As defined within the BOG’s April 22 public discover, Ghanaian companies are prohibited from pricing, promoting, or paying for items and companies utilizing overseas forex. The discover warned individuals discovered violating the legislation 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 needs to cease the observe. As an example, one person named Amin requested: “Are you saying no brokers of BOG have seen these billboards on the town promoting properties in foreign-denominated currencies?”
@lydiaforson please have a look at this. But their not imposing what’s written in right here. Simply paper speak. pic.twitter.com/shZSuTpG0z
— Mishael (@MGyemawu) November 2, 2022
Others prompt that the cedi’s depreciation is the first cause why some companies are quoting costs in U.S. {dollars}, and naming and shaming establishments which can be violating the legislation. One person added that the BOG ought to “cease folks from working USD accounts particularly those that don’t have anything to do with worldwide commerce or education overseas.”
One other person, The Ivan, claimed that Ghana’s import responsibility is listed to the buck which can recommend that the legal guidelines in opposition to quoting costs in U.S. {dollars} “are only for present.”
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