The Bank of Ghana (BoG) has warned that it will soon go after schools, businesses, corporate bodies, and other individuals who charge in dollars rather than Ghana cedis or pesewas.
According to the central bank, it is illegal for schools, businesses, and individuals to charge in foreign currencies.
As a result, the bank has warned schools and other businesses to stop doing so.
Madam Adwoa Konadu Tortor, the BoG’s Head of the Foreign Exchange Bureau Examination Office, stated on Frontline on Rainbow Radio 87.5Fm that businesses and schools that engage in such practices would be prosecuted soon.
She revealed that schools that want to operate and charge in foreign currencies must apply to the bank and explain why they should be allowed to do so.
“Charging in dollars is illegal for schools, business owners, and other individuals. It is illegal, and if caught, you will be prosecuted. If you want to charge in dollars, you must write to the Bank of Ghana and explain why you should be permitted to do so as a school.”