Bank of Ghana sues entities defying its directive against dollar pricing

Do not quote prices in foreign currencies, BoG

Pricing in FX is a criminal offense, BoG

The public is invited to report entities charging in dollars

Entities that defy the Bank of Ghana’s directive against pricing goods and services in foreign currency should endeavor to resign as the Central Bank has said it has already commenced operations against them.

The Head of Financial Stability Department of the Bank of Ghana, Dr. Joseph O. France, speaking to GhanaWeb, said that the Central Bank is going after companies, entities and companies that always set the price of their foreign currency products.

He urged the public to help the central bank identify rogue entities.

“We are suing institutions that are not supposed to set prices in dollars and do. We won’t advertise when we pursue them, but we do. The Bank of Ghana can’t be everywhere, so when you get an institution that sets its prices in dollars, all you have to do is send information.

The Bank of Ghana has previously warned against pricing products, goods and services in foreign currencies outside the legal tender of Ghana.

He said the act is criminal and said those found guilty will be dealt with by law.

Meanwhile, Dr France assured that the BoG is working with security agencies to eradicate the threat.

“It’s a continuum, you can’t prosecute them…and the scammers keep coming, we’ve prosecuted the scammers and the thieves but they still come, so we’ll do our part to make you aware of that and then prosecute the culprits There may be recalcitrants but we pursue them anyway.We work with the security agencies to do so.

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