Bank of Ghana goes after entities defying its directive against pricing in dollars

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Wed, 20 Apr 2022 Source: www.ghanaweb.com

Don’t quote prices in foreign currencies, BoG

Pricing in FX is a criminal offense, BoG

Public urged to report entities charging in dollars

Entities that are defying the Bank of Ghana’s directive against pricing goods and services in foreign currencies must endeavour to quit as the Central Bank has stated that it has already begun operations against them.

Head of the Financial Stability Department at the Bank of Ghana, Dr. Joseph O. France, speaking to GhanaWeb stated that the Central Bank is going after companies, entities, and businesses who are still pricing their products in foreign currencies.

He admonished the public to help the Central bank to identify the defiant entities.

“We go after institutions that are not supposed to price in dollars and are doing so. We will not advertise when we are going after them but we are. The Bank of Ghana cannot be everywhere so when you get an institution that is pricing in dollars, all you need to do is to send information.”

The Bank of Ghana had earlier warned against the pricing of products, goods, and services in foreign currencies aside from Ghana’s legal tender.

It stated that the act is criminal and stated that, those found culpable will be dealt with by the law.

Meanwhile, Dr. France assured that the BoG is working with security agencies to eradicate the menace.

“This is a continuum, you cannot go after them…and fraudsters keep coming, we have been chasing after fraudsters and thieves but they still come so we will do our bit to sensitize you on that and then go after the culprits. There can be recalcitrant ones but we still go after them. We work with the security agencies to do that.”

Source: www.ghanaweb.com
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