Business News of 2014-02-26

EOCO: Companies adhering to de-dollarization rules

The Economic and Organized Crime Office (EOCO) has told Citi News, institutions and companies have begun complying with the Bank of Ghana’s (BoG) directive on the ban on quotation of goods and services in dollars.

A special taskforce comprising officials of EOCO and some security agencies on Monday inspected some companies and institutions to enforce the new directive.

The Executive Director of EOCO, Mortey Akpadzi, said the exercise which began on Monday has been successful so far.

According to him, although people are complying, his outfit will continue with the exercise because “it is a monitoring exercise and so occasionally we will go back and check again.”

Mr. Akpadzi expressed his appreciation to Ghanaians for adhering and abiding by the new rules checking dollarization, and added that he is hoping EOCO will not have to sanction anyone.

The Bank of Ghana (BoG) some weeks back announced new measures to check the depreciation of the cedi and the dollarization of the economy.

Organizations and institutions which hitherto were charging fees and services in foreign currency have been directed to comply with the new rules.