The Financial institution of Ghana lately alerted companies pricing quote united state buck rates that the technique is still banned which the cedi stays Ghana’s single lawful tender. The financial institution claimed it is collaborating with police to “secure down on prohibited fx procedures.” Along with calling as well as reproaching companies breaking the legislation, a Ghanaian starlet advised the reserve bank to quit Ghanaians from running USD accounts.
Cedi Ghana’s Sole Legal Tender
As scarcities of fx as well as money devaluation remain to evaluate on the Ghanaian economic climate, the nation’s reserve bank has actually once again alerted companies presenting rates in united state bucks that the cedi is the single lawful tender. Reacting to Ghanaian starlet Lydia Forson’s Nov. 2 tweet which doubted the technique of pricing quote rates in united state bucks for regional property purchases, the Financial institution of Ghana (BOG) firmly insisted that the technique is still forbidden.
Beloved @thebankofghana we require to understand the buck is the main money for purchases, otherwise why are a lot of residential properties priced quote in bucks?
I will certainly tweet concerning this up until you react; if you do not I (as well as everybody else) will certainly presume your legislations are just theoretically!
—– miss out on forson (@lydiaforson) November 2, 2022
Likewise, in its respond to the starlet’ tweet, the BOG claimed it has actually because employed the solutions of police in its proposal to finish the technique.
” BOG is working together with police to secure down on prohibited fx procedures. We motivate you to report any kind of offenses to [email protected],” the reserve bank claimed.
As clarified in the BOG’s April 22 public notification, Ghanaian companies are banned from rates, marketing, or spending for items as well as solutions utilizing international money. The notification alerted individuals discovered breaking the legislation they ran the risk of being put behind bars for as much as 18 months.
Financial institution of Ghana’s Severity Examined
On The Other Hand, some Twitter individuals that responded to the BOG’s tweet appeared to quiz the reserve bank’s insurance claim it wishes to quit the technique. As an example, one individual called Amin asked: “Are you stating no representatives of BOG have seen those signboards in the area marketing residential properties in foreign-denominated money?”
@lydiaforson please check out this. Yet their not applying what is composed in below. Simply paper talk. pic.twitter.com/shZSuTpG0z
—– Mishael (@MGyemawu) November 2, 2022
Others recommended that the cedi’s devaluation is the key reason some companies are pricing quote rates in united state bucks, as well as calling as well as reproaching establishments that are breaking the legislation. One individual included that the BOG must “quit individuals from running USD accounts specifically those that have absolutely nothing to do with worldwide profession or education abroad.”
An additional individual, The Ivan, asserted that Ghana’s import task is indexed to the cash which might recommend that the legislations versus pricing quote rates in united state bucks “are simply for program.”
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