We will punish institutions listed in dollars – BoG

We will punish institutions listed in dollars – BoG

The Bank of Ghana again warns institutions, particularly those in the hospitality and real estate sectors that are not permitted to list in foreign currency, to desist from doing so.

According to the Central Bank, it is illegal for them to quote their offers in foreign currency, so it will not hesitate to sanction them.

Speaking to Joy Business, the Head of the Other Financial Institutions Supervision Department, Yaw Sapong, said that he will step up his monitoring activities to address the challenge.

“As I indicated earlier, the dollar prices of the institutions are getting our attention and we have teams that identify some of these institutions so that we can deal with them. I want to reiterate that it is illegal to price or advertise foreign currency unless you have permission from the Bank of Ghana to do so.”

“There are some institutions in the country that due to the nature of their operations have been able to obtain exceptions, apart from the fact that it is illegal to do so.

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Mr. Sapong further said that the Bank of Ghana will intensify its monitoring activities to ensure that recalcitrant companies’ dollar prices are punished.

However, he encouraged the general public to inform the Central Bank of any institution that quotes its services in dollars.

“The ones that come to our attention, we will deal with them, but we need everyone on board, the media. So if someone comes to his station wanting to advertise in dollars, he should inform them that this is illegal and that he does not wish to be associated with it.”

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“We have to let ad agencies know and we have. I am sure that if we all collaborate we will be able to face this situation”, explained Mr. Sapong.

Source : ghananewss.com

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