Governor of the Bank of Ghana, Dr. Johnson Asiama, has made a strong appeal to Ghanaians to uphold the cedi’s exclusive legal tender status, warning that the increasing use of foreign currencies like the US dollar for domestic transactions poses serious threats to the nation’s economic sovereignty and monetary policy effectiveness.
Speaking at the ABSA-UPSA Quarterly Banking Roundtable on Thursday, July 17, Dr. Asiama moved beyond a legal interpretation of currency use to highlight the civic and economic implications of dollarisation within Ghana’s economy. He urged both consumers and businesses to actively reject dollar-based pricing and invoicing, noting that such practices not only violate legal provisions but also compromise Ghana’s long-term economic stability.
“This is not just about law; this is about our national interest. The Ghanaian cedi is our only legal tender. When we allow the dollar to creep into everyday transactions, we undermine our own economy,” he stressed.
According to Dr. Asiama, legal tender laws are designed to ensure that monetary policy decisions taken by the central bank—such as changes in interest rates or money supply—are effective across the economy. “The moment you begin to transact outside the cedi, you’re weakening the very tools we use to manage inflation, control liquidity, and ensure economic growth,” he explained.
While acknowledging that foreign currencies like the dollar may be accepted in special or offshore contexts, he warned that their use in everyday commercial activity—such as hotel bookings, car sales, or property rentals—is not permissible and distorts pricing mechanisms.
“Legal tender means money that must be accepted when offered in payment. If someone insists on paying in dollars for local services, you can and should decline. Businesses must resist the temptation to list prices in foreign currency,” he said.
Dr. Asiama also warned of unscrupulous market actors who exploit currency volatility to price goods in foreign denominations for personal gain. He said this practice not only creates unfair market advantages but also increases demand for the dollar, putting unnecessary pressure on Ghana’s exchange rate and foreign reserves.
To safeguard the economy, he called for a nationwide cultural shift—one where the cedi is treated not merely as currency but as a symbol of Ghana’s economic independence. “We must consciously choose to protect the cedi. Every time we choose the cedi over the dollar, we are choosing to defend Ghana’s economic future,” he stated.
His remarks come at a time when Ghana continues to implement policies aimed at exchange rate stabilization, inflation control, and fiscal discipline under international financing programmes. The BoG Governor’s comments serve as both a policy directive and a patriotic appeal to Ghanaians to support these national efforts by prioritizing the cedi in all financial dealings.
