Cedi remains the only legal tender in Ghana – BoG Governor warns against dollarisation

The Governor of the Bank of Ghana, Dr Johnson Asiama, has emphasised that the cedi remains the sole legal tender in Ghana.

He cautioned business owners against quoting prices in foreign currencies, stressing that such practices violate Ghana’s financial laws.

Speaking at the 9th Ghana CEO Summit in Accra on May 26, 2025, Dr Asiama stated that using foreign currencies instead of the BoG-recognised Ghana cedi constitutes an offense punishable by law.

He made these remarks while addressing the topic; “Monetary Policy, Financial Stability and Innovation: Anchoring Ghana’s Economic Reset for Sustainable Growth.”

“Businesses must ensure that transactions are conducted in our local currency,” he said.

The Bank of Ghana has consistently warned business owners against pricing goods and services in U.S. dollars and other foreign currencies. However, some businesses continue to disregard these directives.

Touching on the recent appreciation of the cedi, the Governor clarified that the gains are not artificially engineered by the Central Bank.

He noted that the current measures in place are efficient and promise continued stability and macroeconomic resilience.

“The Central Bank is not using its international reserves to support the cedi, and we are not engineering the cedi’s appreciation in a way that is unsustainable,” he emphasised.

The 9th CEO Summit was held under the theme “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy.”

SSD/MA