The Bank of Ghana (BoG) says no real estate company in the country has been authorized to set prices in foreign currencies or conduct business in foreign currencies.
The head of the BoG's Financial Stability Department noted that while some hoteliers have been given permission to trade in foreign currencies for convenience, these companies are closely monitored.
Dr. Jospeh France explained that these measures are part of the central bank's determination to strengthen supervision and crack the whip on the black market.
Ghana's Foreign Exchange Act of 2006 (Act 723) prohibits companies and individuals from engaging in foreign exchange trading without authorization from the central bank.
This law also prohibits the pricing and advertising of goods and services in foreign currencies.
Nevertheless, there are many real estate agencies and hoteliers in Ghana who settle mortgages, rents, and leases in dollars.
In an interview on the JoyNews program The Pulse on Thursday, Dr. France stressed that even the agencies and organizations that do business in foreign currencies do not get these permits for free.
"I do not know of any real estate institutions that have received permits. So if a real estate institution trades in foreign currency, it trades in foreign currency illegally and must be reported to law enforcement agencies," he said.
On the impact of illegal foreign exchange trading on the Ghanaian economy, he noted, "If you dollarize your economy, it means you weaken your cedi, and if you weaken your cedi, you make everything more expensive for your citizens."
An earlier BoG statement warned companies, institutions, and individuals not to engage in foreign exchange transactions without a license issued by the Bank of Ghana.
The central bank reminded the public that the Ghanaian cedi is the only legal tender in Ghana.
In this regard, the banking sector regulator said it will continue to work with national security and law enforcement agencies to crack down on illegal foreign exchange transactions, adding that "all offenders will be dealt with according to the law."