Accra:<Text>
The Acting Rent Commissioner, Frederick Opoku, has raised alarms over the illegal practice of charging rent in foreign currencies within Ghana. Opoku highlighted this growing trend as a sign of indiscipline in the country's economic practices during his appearance on JoyNews' Super Morning Show on Tuesday, May 12, 2026.
According to Ghana Web, Opoku questioned the rationale behind landlords' decisions to demand rent payments in US dollars, despite the Ghana cedi being the nation's official currency. He pointed out that such practices indicate weak enforcement of financial regulations and foster a culture of lawlessness. "Do we spend dollars in Ghana? No. Therefore, that's where the lawlessness comes from," Opoku stated, emphasizing the illegality of quoting rental prices in foreign currencies.
Opoku expressed his dismay over property owners who boldly advertise exorbitant rental prices in dollars without facing repercussions. "We are bold enough to come on television and say one million dollars, three million dollars, and go with impunity," he remarked. In response to this issue, the Rent Control Department is actively working with the Financial Markets Department of the Bank of Ghana to curb the dollarisation of the property market.
Authorities have consistently warned businesses and landlords against demanding foreign currency payments for local transactions unless explicitly authorized by law. Opoku clarified that, although the Bank of Ghana has issued directives prohibiting the pricing of goods and services in foreign currencies without prior approval, enforcing these regulations remains a significant challenge.
The dollarisation of the economy has been a persistent concern for regulators, particularly during times of cedi depreciation and economic uncertainty, as it undermines the stability of Ghana's financial system.
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