Any real estate company trading in dollars is illegal

No real estate company is allowed to charge in dollars – BoG

The Ghana cedi is the only legal tender currency

Ghana’s foreign exchange law prohibits forex pricing and advertising

The Head of Financial Stability at the Bank of Ghana, Dr Joseph France, said that no property has been authorized by the central bank to charge in dollars, therefore any institution that does so is operating on illegal bases.

Speaking in an interview on JoyNews, he said, “I don’t know of any licensed real estate institutions; So, if a real estate institution is trading Forex, then that real estate is trading Forex illegally and should be reported to law enforcement.

Dr France said pricing items in dollars weakens the cedi and causes depreciation, an unhealthy phenomenon for the economy.

“Once you dollarize your economy, that means you weaken your Cedi and if you weaken your Cedi, then you make everything expensive for your citizens.”

An earlier statement from the Bank of Ghana said that no Ghanaian business should price its goods and services in foreign currencies.

Ghana’s Foreign Exchange Act 2006 (Act 723) prohibits companies and individuals from engaging in foreign exchange transactions without the permission of the Central Bank.

The law does not allow the pricing and advertising of goods and services in foreign currencies.

The Ghana cedi is, however, considered the only legal tender in the country. Therefore, people who break the law will be treated accordingly.

Comments are closed.