Institutions that quote in dollars or other foreign currencies will be penalized, according to the Bank of Ghana | Ghana news online

Institutions that quote in dollars or other foreign currencies will be penalized, according to the Bank of Ghana |  Ghana news online

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Once again, the Bank of Ghana is advising institutions to refrain from pricing in foreign currency, especially in the hotel and real estate industries.

The Central Bank claims that doing so is illegal and that it 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 supervising other financial institutions, in an interview with Joy Business.

“As I said before, we are paying attention to how institutions price their products in dollars and other currencies, and we have teams that are identifying some of these institutions so that we can deal with them. I want to emphasize that again.

“Apart from the fact that it is against the law to do that, there are some institutions in the nation that, due to the nature of their activities, have been able to obtain exemptions.

Mr. Sapong added that the Bank of Ghana would increase its monitoring efforts to ensure that refractory dollar-listed companies are penalized.

However, he urged the people to alert the Central Bank of any institution that offers the prices of its services in dollars.

“We will deal with 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 ad agency, and we did.

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If we work together, I have no doubt that we can solve this problem, said Mr. Sapong.

Story of Frebetha A Adjoh

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Source : ghananewss.com

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About the Author: Pierre Cohen

A person who has expertise in politics and writes articles to fill his spare time as a hobby.