Institutions that rate in dollars or other foreign currencies will be penalized, according to the Bank of Ghana | Ghana News Online

Institutions that rate in dollars or other foreign currencies will be penalized, according to the Bank of Ghana |  Ghana News Online

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The Bank of Ghana is once again advising institutions to refrain from pricing in foreign currencies, especially those in the hotel and real estate industries.

The central bank claims that doing so is against the law, and therefore they will not hesitate to take legal action against them.

This difficulty will be addressed by intensifying monitoring efforts, according to Yao Sapong, head of the department in charge of supervising other financial institutions, in an interview with Joy Business.

“As I said before, we pay attention to how institutions price their products in dollars and other currencies, and we have teams working on identifying some of these institutions so we can engage with them. I want to stress that again.

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Apart from the fact that doing so is against the law, there are few institutions in the country that, due to the nature of their activities, have been able to obtain exceptions.

Mr. Sapong added that the Bank of Ghana would increase its supervisory efforts to ensure that smelting businesses that are priced in dollars are penalized.

But he urged the people to alert the Central Bank of any institution that provides the prices of its services in dollars.

We will deal with issues that come to our attention, but we need everyone’s help, including the media.

Therefore, you must inform anyone who approaches your station with a desire to advertise in dollars that it is forbidden and that you do not wish to belong to it.

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“We needed to inform the advertising agency, and we did.

Mr. Sapong said if we work together, there is no doubt we can solve this problem.

Story by Frebetha A Adjoh

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Source : ghananewss.com

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