The BoG’s comment is coming at a time where an image of a shop attendant at Palace Hypermarket on the Spintex Road in Accra accepting dollars for payment from a customer for products bought.
ADVERTISEMENT
Bank of Ghana to sanction entities charging and accepting payments in dollars
The Bank of Ghana (BoG) has said that companies caught flouting the Foreign Exchange Act by pricing and receiving payments for goods and services in any foreign currency will be penalized.
BoG's Head of Communication, Esi Hammond
To address this issue a team from the BoG led by the Head of Communications, Esi Hammond, visited Palace Hypermarket where it met and engage the management of the entity.
“We support our stakeholders to alert them about the need to observe the rules and regulations of the land particularly with respect to the Foreign Exchange Act which prohibits pricing in any other currency apart from the Ghana cedi.”
“It has come to our notice that a few shops, schools and other institutions are charging in dollars. So, today we paid a visit to the Palace Mall and initially did a few shopping around to see what happens here. We realized that some shops are willing to take dollars as payment for goods purchased. So we had to engage them and let them know that this contravenes the Foreign Exchange Act,” Ms. Hammond added.
ADVERTISEMENT
The surveillance team visited other shops including one unlicensed forex bureau.
The BoG officials questioned the General Manager of the facility, Nana Kofi, who said that despite the inscription as forex bureau, they operate as a travel and tour agency.
The team directed that the forex bureau inscription be taken off. They asked the management to apply for a license if they wish to operate a forex bureau business.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
![Abena Korkor and Shatta Wale share kiss at Medikal's album listening [VIDEO]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'243'%20height%3D'139'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Abena Korkor and Shatta Wale share kiss at Medikal's album listening [VIDEO]")
Abena Korkor and Shatta Wale share kiss at Medikal's album listening [VIDEO]
Why some people refrigerate their condoms before use
WAEC threatens to delay marking of BECE, WASSCE over unpaid GH33 million
3 things you shouldn't do for a woman you are not married to
5 things to expect when committing to someone with a child
Why masturbation can be harmful for you
Prophet Nigel is being smart, who is Sherif Black? - Arnold Baidoo quizes
Dog attacks Kenya’s Kimutai Ngeno during marathon as he drops from 1st to 3rd
Top 10 most rewarding African countries to do business in 2023
Trending
Why some people refrigerate their condoms before use
3 things you shouldn't do for a woman you are not married to
Top 10 most rewarding African countries to do business in 2023
Kofi Kinaata's mum melts hearts as she sings rapper's 'Thy Grace' word for word
Africa’s food insecurity to be non-existent in the next 5 years - AfDB
Abena Korkor and Shatta Wale share kiss at Medikal's album listening [VIDEO]
Shatta Wale accepts ‘big brother’ Sammy Flex’s advice to cancel his Freedom Wave Concert
WAEC threatens to delay marking of BECE, WASSCE over unpaid GH33 million