BoG cautions businesses against pricing, advertising goods, services in dollars
The Central Bank has reiterated its caution against businesses in the country pricing, advertising, receipting and or making payments for goods and services in foreign currency, particularly the US dollar.
The caution against the dealing, pricing, advertising, receipting and or making payments in foreign exchange is in pursuant to the Foreign Exchange Act, 2006 (Act 723).
In a notice issued by the Central Bank on April 5, 2022, [the third notice issued so far] the apex bank asserts the Cedi is the sole legal tender acceptable in the country.
Read: Revive Black Star Line to stabilise depreciating cedi – GIFF
“The General Public is hereby notified that the sole legal tender in Ghana is the Ghana Cedi,” stated the BoG.
Known as dollarisation, the phenomenon contributes to the depreciation of the local currency.
The Central Bank also cautioned the general public and businesses against dealing in illegal forex activities (black market transactions) stating that, businesses must seek the requisite license or authorization before dealing in foreign exchange transactions.
Read details of notice below:
BOG Notice BG GOV SEC 2022 04 Prohibition of Pricing Advertising Receipt and or Making Pmts for Gds and Ser… by Fuaad Dodoo on Scribd
