Ghana's Acting Rent Commissioner, Frederick Opoku, has publicly criticised the Bank of Ghana (BoG) for failing to collaborate with the Rent Control Department. This inaction allows landlords to illegally charge rents in US dollars, significantly increasing housing costs for ordinary citizens.
Mr. Opoku stated the central bank has not responded to formal proposals from his department aimed at curbing this widespread practice. He argues that charging rents in foreign currency is illegal and places an undue financial burden on Ghanaian tenants. This lack of enforcement undermines the BoG's own directives against using foreign currency for domestic transactions.
This situation highlights a persistent challenge within Ghana's economy, where the US dollar often competes with the Ghana cedi (GHS) for transactions. The cedi has faced significant depreciation against major international currencies, making dollar-denominated costs particularly burdensome. Previous BoG directives have sought to strengthen the cedi's role and prevent dollarisation, but enforcement remains a key issue across various sectors.
Speaking on Morning Starr on Thursday, August 20, 2026, Mr. Opoku expressed his frustration. He said, "When I took office, I went to Bank of Ghana... that look, the way people are charging dollars is not good. Let's come and work together." He questioned the BoG's lack of response, highlighting the perceived disregard for its own regulations. "Today, you see a Governor of Bank of Ghana issue directives, nobody mind him, and people are charging dollars," Mr. Opoku added.
The ongoing failure to address dollar-denominated rents has significant implications for Ghana's housing market and broader economic stability. It suggests a gap in regulatory enforcement that could further erode public trust in the cedi and increase the cost of living. Decision-makers at the BoG and the Rent Control Department must find common ground to protect tenants and uphold the integrity of the national currency. Without decisive inter-agency cooperation, the burden on ordinary citizens will likely continue to grow.
The Rent Control Department has consistently maintained that quoting rents in foreign currency violates Ghanaian law. Despite this, the practice remains common, especially in major urban centres like Accra and Kumasi. This widespread non-compliance indicates a systemic issue requiring a coordinated regulatory response. Effective collaboration between state institutions is crucial for enforcing existing laws and protecting consumers from exploitative practices. Mr. Opoku cited a successful partnership with the Ghana Tourism Authority as an example of what is achievable through joint efforts. This earlier collaboration led to the closure of five substandard facilities, demonstrating the power of inter-agency action. The current situation with dollar rents demands similar concerted action to safeguard the financial well-being of Ghanaian households.