Acting Rent Commissioner Frederick Opoku has denounced the increasing usage of foreign currency in Ghana’s rental market, characterising it as illegal and concerning.
Speaking on JoyNews’ Super Morning Show, Mr. Opoku questioned why certain property owners and landlords still advertise and charge rents in US dollars even though the cedi is Ghana’s legal tender.
“Do we spend dollars in Ghana? No. Therefore, that’s where the lawlessness comes,” he said.
He contended that the public advertising of rental pricing in dollars is indicative of lax implementation of financial regulations and adds to the general lack of economic discipline.
He claims that some landlords now openly demand millions of dollars for houses without worrying about repercussions.
“We are bold to come to television and say one million dollars, three million dollars and go with impunity,” he reiterated.
In order to stop the growing dollarization of the real estate industry, Mr. Opoku said that the Rent Control Department is collaborating with the Bank of Ghana’s Financial Markets Department.
He pointed out that even though the Bank of Ghana has established guidelines prohibiting the pricing of products and services in foreign currencies without authorisation, enforcement is still very difficult.
Financial authorities and policymakers have long been concerned about the dollarization issue, particularly in times of economic uncertainty and cedi depreciation.
Businesses and property owners have been frequently cautioned by authorities not to demand payment in foreign currencies for local transactions unless permitted by law.
Source: newsthemegh.com