Report companies that price in dollars - BoG

Joseph France, has called on Ghanaians to report individuals and companies that price their products and services in dollars.

According to him, whereas some companies are permitted to directly deal with foreign exchange due to they being net earners of foreign exchange like mining companies and oil and gas companies etc., most companies are not permitted to do so.

He said companies and individuals who price their products in dollars without explicit permission from the Bank of Ghana are in contravention of the Foreign Exchange Act and must be dealt with.

He has thus charged Ghanaians to report such companies to the police for the right actions to be taken.

Speaking on JoyNews’ PM Express, he said, “We flush out some of these when we get to know of them.

We have limited institutions that deal in forex.

For instance, when you go to the oil and gas companies, I mean, net foreign exchange earners, they’re not licensed to deal but they’re permitted to deal in forex because they’re net forex earners, like the mining companies, the oil and gas companies.

“Some limited institutions like some limited hotels and so on are permitted to deal in forex.

It’s not everybody who is supposed to deal in forex for which you advertise.

The foreign exchange act makes it that.