No real estate company in Ghana has been authorized to price or transact business in foreign currencies, according to the Bank of Ghana (BoG).
Although certain hoteliers have been allowed authorization to trade in currency for the purpose of convenience, such organizations are strictly supervised, according to BoG's Head of Financial Stability.
Such steps, according to Dr. Joseph France, are part of the Central Bank's commitment to increase oversight and crack down on the illegal market.
The Foreign Currency Act of 2006 (Act 723) of Ghana forbids corporations and individuals from participating in foreign exchange transactions without first obtaining permission from the Central Bank.
This law also prohibits the use of foreign currency in the pricing and advertising of products and services.
In Ghana, however, many real estate agents and hoteliers charge in dollars for mortgages, rent, and leases.
Dr. France underlined in a Thursday appearance on JoyNews' The Pulse that even agencies and organizations who do business in foreign currencies do not receive such permits for free.
"I'm not aware of any real estate institutions that have been approved; thus, if a real estate institution is trading in Forex, it is doing so illegally and must be notified to law authorities," he stated.
He highlighted that "if you dollarize your economy, it means you're weakening your Cedi, and if you're weakening your Cedi, it means you're making everything costlier for your populace."
The Bank of Ghana has previously published a statement warning enterprises, organizations, and people against participating in foreign exchange transactions without first obtaining a license from the bank.
The Ghana Cedi is the only legal money in Ghana, according to the Central Bank.
In this respect, the banking sector regulator stated that it would continue to crack down on unlawful foreign exchange transactions in collaboration with National Security and Law Enforcement Agencies, adding that "all offenders must be dealt with in line with the law."