Central bank to clamp down on businesses pricing and accepting payments in dollars

Central bank to clamp down on businesses pricing and accepting payments in dollars

A team from the Bank of Ghana on Wednesday, February 26, 2020 went on a market surveillance and found out some entities and businesses are charging and taking foreign currencies instead of the local currency.

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The surveillance team led by Esi Hammond, Head of Communications, briefing the media after the exercise noted that the Foreign Exchange Act which prohibits pricing in any other currencies than the Cedi is being flouted.

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She stated that their investigations revealed that some shops are willing to accept payment in foreign currencies. This she described as an offence and against the laws of the land.

The market surveillance follows a viral video on social media where a shop attendant at Palace Hypermarket on the Spintex Road in Accra accepting dollars for payment from a customer for goods purchased.

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The team which went round to verify what they had seen on social media said the Bank of Ghana will punish any individuals who disobeys the Foreign Exchange Act.

The team also closed down some shops who were running forex bureau business without license.

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Source: Yen

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