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Business News of Wednesday, 26 February 2020

Source: Prime News Ghana

BoG begins market surveillance to sanction entities who charge in dollars

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The Bank of Ghana, BoG says they will sanction institutions and individuals who still charge in foreign currencies by flouting the Foreign Exchange Act. The reaction of the BoG comes after viral images of a shop attendant at Palace HyperMarket on the Spintex road accepting dollars as payment from a customer.

The team led by the Head of Communications at the BoG, Esi Hammond in market surveillance today visited the Palace HyperMarket and engaged management of the shop.

According to Esi Hammond, most of the shops are willing to accept dollars for their transactions.

For this most of them were educated on the fact that it contravenes the law.

"...met some of our stakeholders to alert them about the need to observe the rules and regulations of the land and particularly with respect to the Foreign Exchange Act which prohibits pricing and dealing in goods in a foreign currency, it has come to our notice that few shops even schools and other institutions charge in dollars, so today we paid a visit to the palace supermarket and we realized that some of them are willing to take dollars in exchange for goods you decided to buy, we engaged them and told them that these contravene the Act.

She disclosed that the exercise will be carried out most often to make sure institutions comply with the Foreign Exchange Act.

"We will be going round and it is going to be a continues thing we do every now and then in various institutions."

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