The Ghana Hotels Association has told Citi Business News they are ready to comply with rules set by the Bank of Ghana to desist from pricing their services in foreign currencies.
The Bank of Ghana recently reiterated its prohibition on the pricing, advertising and receipt or payment for goods and services that are contracted locally in any foreign currency.
This according to the BoG is to help prevent the free fall of the cedi.
According to a statement released by the BoG a fortnight ago, persons found to have violated the directive would face summary conviction, a fine of up to seven hundred penalty units or a prison term of not more than eighteen months, or both.
This is not the first time the Central Bank has issued such warning, but it has often been disregarded.
A similar directive was issued for the same purpose in 2012 when Dr. Henry Wampah was governor but that also was unsuccessful.
In an interview with Citi Business News, President of the Ghana Hotels Association, Dr Edward Ackah- Nyamike Junior said the directive will be followed strictly by the members to prevent flouting any law.
“We believe that the rules governing our economy must work, so if the Bank of Ghana comes out with the rule and it is approved by the state, we have no choice but to go by it.
So, the point we have made in the past which is that there could be some form of relaxation when it comes to the hotels because of the peculiar situation we find ourselves in. But until that is cleared and done, I believe hoteliers are law-abiding and they will go by the rules of the game,” he assured.
He, however, states that the association will communicate any adverse effect that the directive may have on their operations.