Acting Rent Commissioner Frederick Opoku has criticised the growing use of foreign currencies in Ghana’s rental market, describing the trend as unlawful and worrying.
Speaking on JoyNews’ Super Morning Show, Mr Opoku questioned why some landlords and property owners continue to advertise and charge rents in US dollars despite Ghana’s legal tender being the cedi.
“Do we spend dollars in Ghana? No. Therefore, that’s where the lawlessness comes,” he stated.
He argued that the open display of rental prices in dollars points to weak enforcement of financial regulations and contributes to broader economic indiscipline.
According to him, some landlords now publicly demand millions of dollars for properties without fear of sanctions.
“We are bold to come to television and say one million dollars, three million dollars and go with impunity,” he lamented.
Mr Opoku disclosed that the Rent Control Department is engaging the Bank of Ghana’s Financial Markets Department to help curb the increasing dollarisation within the property sector.
He noted that although the Bank of Ghana has issued directives against pricing goods and services in foreign currencies without approval, enforcement remains a major challenge.
The issue of dollarisation has remained a long-standing concern for financial regulators and policymakers, especially during periods of cedi depreciation and economic instability.
Authorities have repeatedly warned businesses and property owners against demanding payment in foreign currencies for local transactions unless authorised by law.
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