The Ghana Real Estates Developers Authority (GREDA) has cautioned its members to seek permission from the Bank of Ghana (BoG) before quoting prices in dollars.

The central bank, recently warned institutions and businesses quoting in dollars to desist from doing so - a move aimed at averting the local currency from depreciating.

Speaking to Joy Business, President of GREDA, Patrick Ebo Bonful, said members of GREDA must abide by the Central Bank’s directive.

“If they [real estate firms] still want to quote in dollars, they just have to come for a special permission from the [ Bank of Ghana] to be able to do that. So there is already an open window which our members have been exploring.”

Mr. Bonful noted that some members of GREDA have already gained the permission of the BoG to quote in dollars.

“Some are already there, so when you hear that some members of GREDA are quoting in dollars, it is because they have the permission to do so”, he stressed.

Businesses such as real estate developers have been quoting their prices in dollars, citing the fluctuating prices of building materials as the reason.

However, in a recent release on April 7, 2022, the central bank warned companies, institutions and individuals to desist from unauthorized dealings in foreign currency.

Desist from illegal forex activities – BoG warns public

The Bank of Ghana recently warned the public (companies, institutions and individuals) again to desist from unauthorized dealings in foreign currency.

This was in accordance with the Foreign Exchange Act, 2006 (Act 723).

According to a statement from the Central Bank, companies, institutions and individuals are prohibited from engaging in foreign exchange business without a licence issued by Bank of Ghana or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorization from Bank of Ghana.

“Such violations are punishable on summary conviction, by a fine of up to 700 penalty units or a term of imprisonment of not more 18 months, or both”, it pointed out.