Ghanaians have been urged by the Bank of Ghana to report companies who list their prices in foreign currencies, particularly the US Dollar.
Dr. Joseph France, the BoG’s Head of Financial Stability, asserts that it is improper for companies to charge customers in dollars without the central bank’s approval.
According to him, the act violates the Foreign Exchange Act and is criminal.
However, according to Dr. Joseph France, some businesses have been given permission by the central bank to deal in foreign exchange since they generate positive foreign exchange earnings.
Among other businesses permitted to charge their goods and services in dollars are; oil and gas companies, mining companies and some hotels.
Speaking on JoyNews’ PM Express, he said, “when you go to the oil and gas companies, I mean, net foreign exchange earners, they’re not licensed to deal but they’re permitted to deal in forex because they’re net forex earners, like the mining companies, the oil and gas companies. Some limited institutions like some limited hotels and so on are permitted to deal in forex. It’s not everybody who is supposed to deal in forex for which you advertise. So when these things come to our attention, we go after such persons to make sure that they stop.”
Therefore, we want the public to report anyone who is pricing in dollars because doing so is actually illegal.
That is what the foreign exchange legislation does. As a result, you report to us, and we report to the security authorities, or notify the person to the security agencies, and they will stop them,” he said.
He emphasized that for there to be financial sanity, the public must report companies that charge in dollars to the Bank of Ghana or security forces so that these offenders’ conduct can be immediately put to an end.