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    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

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    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

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    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

    Unilever Ghana PLC remains upbeat about future growth prospects

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    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Benchmarking prices of goods and services against the exchange rate illegal – BoG Governor

byNerteley Nettey
June 26, 2020
in Banking And Finance, Top Stories
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The Governor of the Bank of Ghana, BoG, Dr. Ernest Addison, has reiterated that it is illegal to price goods and services in foreign currencies such as the U.S dollar.

Despite the existence of the law, the practice exists in many facets of the Ghanaian economy as some businesses have even adopted new ways by pricing against the exchange rate without accepting the physical foreign currency to outwit the law.

Responding to a question raised by the MP for Ningo Prampram, Sam George, when he appeared before Parliament’s Public Accounts Committee, the BoG Governor called on businesses and institutions operating in the country to desist from such acts.

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“Dollarisation is illegal. It is illegal to index to the US dollar. You are not allowed to invoice in US dollars. Any complaints of invoicing in US dollars will be investigated as such violations are punishable by law,” he said.

“Dollarisation,” a term for the practice of pricing, advertising and receiving payments in US dollars, is normally used by the automobile companies, hotels and multinationals.

These culprits mostly cite the instability of the cedi as the basis for resorting to dollarisation, which is seen as a hedge against depreciation.

BOG warns public of export and import of foreign currencies

It would be recalled that the Bank of Ghana last year warned the general public to use only the Ghana cedi (GH¢) and pesewas (GHp) to pay for goods and services in the country or face punishment.

It also warned of severe consequences for persons who flout its rules concerning the importation and exportation of foreign currencies.

In a press statement, the central bank said although the Foreign Exchange Act, 2006 (Act 723) prohibited the pricing and the payment in currencies other than the local currency, it had noticed that some institutions, companies and individuals were dealing in the “business of foreign exchange trade without authorisation from the bank.”

According to the central bank, the violation of the law may result in summary conviction, a fine of up to 700 penalty units or a prison term of not more than 18 months, or both.

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Africa’s internet economy to cross $180 billion by 2025: Report

Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

E-Levy is an overhyped revenue generation measure – Seth Terkper

Leverage crises to improve fortunes of continent – Ofosu-Dorte

African Finance Ministers tasked to allocate more resources into education sector

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