The Bank of Ghana is once more advising institutions to refrain from pricing in foreign currencies, especially those in the hotel and real estate industries.
The Central Bank claims that doing so is against the law and that they will therefore not hesitate to take legal action against them.
The difficulty will be addressed by stepping up monitoring efforts, according to Yaw Sapong, head of the department responsible for overseeing other financial institutions, in an interview with Joy Business.
“As I said before, we are paying attention to how institutions are pricing their products in dollars and other currencies, and we have teams out there that are identifying some of these institutions so that we can deal with them. I want to emphasize that again.
“Aside from the fact that it is against the law to do that, there are a few institutions in the nation that, due to the nature of their activities, have been able to get exceptions.
Mr. Sapong added that the Bank of Ghana would increase its monitoring efforts to ensure that refractory businesses that price in dollars are penalized.
However, he urged the people to alert the Central Bank of any institution providing prices for its services in dollars.
“We will deal with the issues that come to our attention, but we need everyone’s help, including the media.
Therefore, you must inform anyone who approaches your station with the desire to advertise in dollars that doing so is prohibited and that you do not wish to be affiliated with it.
“We needed to inform the advertising agency, and we did.
If we work together, I have no doubt that we can resolve this issue, said Mr. Sapong.
Story By Frebetha A Adjoh