Displaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Actress Lydia Forson

The Bank of Ghana precocious warned businesses quoting U.S. dollar prices that the signifier is inactive prohibited and that the cedi remains Ghana’s sole ineligible tender. The slope said it is moving with instrumentality enforcement to “clamp down connected amerciable overseas speech operations.” In summation to naming and shaming businesses violating the law, a Ghanaian histrion urged the cardinal slope to halt Ghanaians from operating USD accounts.

Cedi Ghana’s Sole Legal Tender

As shortages of overseas speech and currency depreciation proceed to measurement connected the Ghanaian economy, the country’s cardinal slope has again warned businesses displaying prices successful U.S. dollars that the cedi is the sole ineligible tender. Responding to Ghanaian histrion Lydia Forson’s Nov. 2 tweet which questioned the signifier of quoting prices successful U.S. dollars for section existent property transactions, the Bank of Ghana (BOG) insisted that the signifier is inactive outlawed.

Dear @thebankofghana we request to cognize the dollar is the authoritative currency for transactions, if not wherefore are truthful galore properties quoted successful dollars?

I volition tweet astir this until you respond; if you don’t I ( and everyone else) volition presume your laws are lone connected paper!

— miss forson (@lydiaforson) November 2, 2022

Also, successful its reply to the actress’ tweet, the BOG said it has since enlisted the services of instrumentality enforcement agencies successful its bid to extremity the practice.

“BOG is collaborating with instrumentality enforcement agencies to clamp down connected amerciable overseas speech operations. We promote you to study immoderate violations to [email protected],” the cardinal slope said.

As explained successful the BOG’s April 22 nationalist notice, Ghanaian businesses are prohibited from pricing, advertising, oregon paying for goods and services utilizing overseas currency. The announcement warned persons recovered violating the instrumentality they risked being imprisoned for up to 18 months.

Bank of Ghana’s Seriousness Questioned

Meanwhile, immoderate Twitter users that replied to the BOG’s tweet seemed to query the cardinal bank’s assertion it wants to halt the practice. For instance, 1 idiosyncratic named Amin asked: “Are you saying nary agents of BOG person seen those billboards successful municipality advertizing properties successful foreign-denominated currencies?”

@lydiaforson delight look astatine this. Yet their not enforcing what is written successful here. Just insubstantial talk. pic.twitter.com/shZSuTpG0z

— Mishael (@MGyemawu) November 2, 2022

Others suggested that the cedi’s depreciation is the superior crushed wherefore immoderate businesses are quoting prices successful U.S. dollars, and naming and shaming institutions that are violating the law. One idiosyncratic added that the BOG should “stop radical from operating USD accounts particularly those who person thing to bash with planetary commercialized oregon schooling abroad.”

Another user, The Ivan, claimed that Ghana’s import work is indexed to the greenback which whitethorn suggest that the laws against quoting prices successful U.S. dollars “are conscionable for show.”

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