The Bank of Ghana says it would soon take tougher sanctions against institutions that price in dollars without its approval.The central bank is currently reviewing the laws regulating the exchange of dollars in the country for parliamentary approval.The review is to ensure that the Regulator is able to take targeted and punitive actions against financial institutions that also violate the foreign exchange laws.The Bank of Ghana sees the review as part of measures to stabilise the cedi and manage the supply of dollars in the economy.Under the current foreign exchange laws no institution, other than those licensed by Bank of Ghana, is allowed to price, advertise, receive or make payment in any foreign currency.These included currency for goods or services such as school fees, sale and rental of vehicles, real estate, airline tickets, domestic contracts to name a few.Dr. Hennery Kofi Wampah, Governor of the Bank of Ghana, told Joy Business last year there were sanctions placed on banks that violated the foreign exchange laws.He said it is possible to revoke the licenses of institutions that operate against the foreign exchange laws.Dr. Wampah however says recent measures introduced to check the practice is yielding some results.

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