Bank of Ghana warns Ghanaians against sale of goods and services in foreign currencies
- The Bank of Ghana has warned business owners in Ghana to desist from charging in foreign currencies
- It explained that the act is illegal and could lead to fines and imprisonment
- Automobile companies and hotels are some of the businesses noted for charging in dollars
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The Bank of Ghana (BoG) has cautioned Ghanaians against the pricing of goods and services in foreign currencies.
It explained that there is a law against such practices, but business owners in Ghana continue to flout such directives.
YEN.com.gh has learned that some business owners price their products against the exchange rate but refuse to accept foreign currency in order to avoid detection.
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Appearing before Parliament’s Public Accounts Committee, Dr. Ernest Addison, Governor of the Bank of Ghana, noted that it is important for businesses engaged in such practices to desist from the act.
Per a report by citibusinessnews.com, he added that such violations would be punished in accordance with the law.
People found guilty could be convicted and fined up to 700 penalty units or imprisoned for up to 18 months, or both.
In other news, Ghanaian creative, Joseph Yaw Frimpong, has developed a reading solutions app called ReaderApp for authors.
The ReaderApp can be accessed on mobile phones by authors who want to make electronic versions of their books available online to readers.
Just like many inventions that were developed in the midst of crisis, Joseph's app was created out of a necessity to get the electronic version of his new book available to readers online.
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Source: YEN.com.gh
