Dollarisation of rent: Commissioner accuses BoG of ignoring Rent Control’s call for collaboration
Acting Rent Commissioner Frederick Opoku says the Bank of Ghana has failed to respond to efforts by the Rent Control Department to collaborate on tackling the practice of charging rent in US dollars.
Mr Opoku said he personally approached the central bank shortly after taking office to explore how both institutions could work together to address the dollarisation of rent in Ghana.
According to him, the Rent Control Department wanted to combine its enforcement efforts with the Bank of Ghana’s regulatory role to deal with the practice, which has become a concern for tenants who earn their incomes in cedis.
Speaking in an interview with Accra FM on September 1, 2026, Mr Opoku said he visited the Bank of Ghana about three months after assuming office and proposed a joint approach to the issue.
“When I took over, one of the areas I said rent control could assist the Bank of Ghana in addressing was the dollarisation of rent,” he stated.
He said the engagement was based on directives previously issued by the Bank of Ghana regarding the use of foreign currency in domestic transactions.
Mr Opoku said his office subsequently sought further engagement with the central bank but had not received a response to its correspondence or proposal.
“Have they even responded to our letter or proposal after we wrote to them?” he asked.
Rent Control seeks stronger enforcement
The Acting Rent Commissioner said the proposed collaboration was intended to strengthen efforts on the ground, particularly because the Rent Control Department has limited resources to tackle the problem on its own.
He said the department’s task force could work with relevant institutions to identify and address cases where landlords or property managers demand rent in foreign currency.
Mr Opoku’s comments highlight a gap between monetary regulations on the use of foreign currency and the practical enforcement of rent-related rules, particularly in Ghana’s major urban housing markets.
The issue is significant because many landlords and agents continue to advertise or demand rent in US dollars, especially for higher-end properties, while most tenants earn their income in Ghana cedis.
Immigration Service responds
Mr Opoku said the Bank of Ghana was not the only institution his office had approached for collaboration.
He said several state institutions had shown little interest in working with the Rent Control Department, although the Ghana Immigration Service had responded positively.
“I’m being frank with you. I did this to test the pulse of the institutions because I’m limited as rent control,” he intimated.
He said he had met the leadership of the Ghana Immigration Service and that arrangements were being made for the two institutions to work together.
“The one who did well was Immigration,” he stressed.