The bank of Ghana has served a warning notice against transaction of goods and services in foreign currencies. The central bank for the first time this year issued a statement prohibiting the act after several calls in the previous days.
According to the central bank, some individuals and institutions have been trading in foreign currencies which is unlawful. The statement also reminded the public that the foreign exchange law; Act 2006, Act 723 prohibits transactions of goods and services in foreign denominations in Ghana.
Meanwhile, Ghana Union of Traders Association (GUTA) is not happy with such attitude for trading in foreign currencies leaving the local currency behind.
Nana Owusu, an Executive member of GUTA, expressing their displeasure, described the menace as worrying. He also blamed the government as the source of all this issues as port duties are charged in dollars.
“There’s so much dollarization in the economy and it starts with government. Why is it that at the port we are paying port duties in dollars and not in cedis? Perhaps we can use the inter banks rate for a certain period perhaps four months and you pay duties using that rate”, he lamented.
Story By : Nichodemus Attipoe
