Acting Rent Commissioner Frederick Opoku has criticised the increasing use of foreign currencies in Ghana’s rental market, describing the practice as unlawful and a sign of weak regulatory enforcement.
Speaking on JoyNews’ Super Morning Show, Mr Opoku questioned why some landlords and property owners continue to advertise and charge rent in US dollars despite the Ghana cedi being the country’s legal tender.
“Do we spend dollars in Ghana? No. Therefore, that’s where the lawlessness comes,” he stated.
According to him, the widespread display of rental prices in dollars reflects growing economic indiscipline and inadequate enforcement of financial regulations.
He lamented that some property owners openly demand millions of dollars for properties without facing any sanctions.
“We are bold to come to television and say one million dollars, three million dollars and go with impunity,” he said.
Mr Opoku disclosed that the Rent Control Department is currently engaging the Financial Markets Department of the Bank of Ghana in efforts to curb the growing dollarisation within the property sector.
He noted that although the Bank of Ghana has repeatedly issued directives prohibiting the pricing of goods and services in foreign currencies without authorisation, enforcement remains a major challenge.
The issue of dollarisation has long been a concern for regulators and policymakers, particularly during periods of cedi depreciation and economic uncertainty.
Authorities have consistently warned businesses and property owners against demanding payment in foreign currencies for local transactions unless expressly permitted by law.
