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 mentioned it’s working with regulation enforcement to “clamp down on unlawful overseas alternate 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 alternate and forex 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 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.
Pricey @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; if you happen to 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 mentioned it has since enlisted the companies of regulation enforcement businesses in its bid to finish the observe.
“BOG is collaborating with regulation 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 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 observe. As an illustration, 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 take a look at this. But their not implementing what’s written in right here. Simply paper discuss. pic.twitter.com/shZSuTpG0z
— Mishael (@MGyemawu) November 2, 2022
Others advised that the cedi’s depreciation is the first motive why some companies are quoting costs in U.S. {dollars}, and naming and shaming establishments which might be violating the regulation. One person 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 person, The Ivan, claimed that Ghana’s import obligation is listed to the buck which can counsel that the legal guidelines towards quoting costs in U.S. {dollars} “are only for present.”
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