Displaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Act...
The Bank of Ghana recently warned businesses quoting U.S. dollar prices that the practice is still prohibited and that the cedi remains Ghana’s sole legal tender. The bank said it is working with law enforcement to “clamp down on illegal foreign exchange operations.” In addition to naming and shaming businesses violating the law, a Ghanaian actress urged the central bank to stop Ghanaians from operating USD accounts. Cedi Ghana’s Sole Legal Tender As shortages of foreign exchange and currency depreciation continue to weigh on the Ghanaian economy, the country’s....
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After it slipped to a rate of about 12:1, the Ghanaian cedi became the latest African currency to touch a new low versus the U.S. dollar, albeit on the unofficial foreign exchange market. Having started 2022 trading around 6.25 per dollar, the cedi has now lost over 90% against the appreciating greenback. Protest Against the Cedi’s Depreciation The Ghanaian cedi recently became the latest African currency to fall to a new low versus the U.S. dollar in 2022, after its unofficial exchange rate against the greenback reportedly slipped to C12.10:$1. Following this latest depreciation,....
The Bank of Ghana has warned businesses and the public against the practice of demanding or making payments in foreign currency without its authorization. The central bank’s warning comes just over a month after Ghana’s currency was rated the worst performing among Africa’s top currencies.
Violators Face Possible Prison Time
The Ghanaian central bank has reminded the public that the practice of receiving or making payments for goods and services in foreign currency without its express authorization is still prohibited. The bank also similarly warned....
In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). Also, in the document, the bank’s governor insists the institution is open to suggestions that will help it to successfully launch the digital currency.
Benefits of a CBDC
The Ghanaian central bank recently released a document that outlines the key motivations behind its plan to issue a central bank digital currency (CBDC). The document also touches on the digital currency’s design as well as the benefits it will bring....
The Ghanaian central bank is seeking to make its digital currency, the e-cedi, available to offline users, an official with the bank has said. Overcoming the Challenge of Limited Power According to Kwame Oppong, who heads fintech and innovation at the Bank of Ghana (BOG), the e-cedi is also expected to facilitate transactions without the need for power or connectivity. “Financial inclusion is limited by the availability of connectivity and power. What we hope to be able to do – and we’re one of the people pioneering this – is that the e-cedi would also be....
Recent sub-zero temperatures may have paralysed parts of Eastern Europe, but they haven't done much to slow down the Bank of Russia, the country's central bank. On Monday, the bank issued a statement on the use of digital currencies. It resembled similar warnings issued by regulators in Asia and Europe over the past few months, so the pattern is very familiar. The bank points out that these currencies aren't backed by a state entity, that they are speculative in nature and that trades are carried out on virtual exchanges are "high risk". The statement goes on to warn citizens and....