Ghana’s Central Bank to Enforce Legal Tender Laws

(3 Minutes Read)

The Governor, who spoke at a Thought Leadership programme at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra recently, said that despite transacting locally, many businesses continued to price goods and services in US dollars, especially in areas such as real estate, education and luxury retail.

The Bank of Ghana (BoG) is to enforce legal tender laws rigorously, particularly in sectors where foreign currency pricing has become the norm, as part of measures to stop dollar pricing in the country.

He also said that the central bank would soon complete a comprehensive regulatory framework for virtual asset service providers (VASPs) to bring the much-needed oversight to the rapidly evolving digital asset landscape.

That, he said, would bring cryptocurrency exchanges and digital asset platforms under formal oversight, align them with anti-money laundering and counter the financing of terrorism rules by ensuring that digital innovation supports, rather than undermines, forex control and monetary stability.

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The Governor, who spoke at a Thought Leadership programme at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra recently, said that in spite of transacting locally, many businesses continued to price goods and services in US dollars, especially in areas such as real estate, education, and luxury retail.