BoG Governor warns against dollarisation, rallies support for cedi

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has warned that the practice of pricing goods and services in dollars remains a major threat to the stability of the Ghanaian cedi.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting in Accra on Tuesday, Dr. Asiama described the persistent dollarisation of sectors such as real estate, education, and retail as undermining the legal tender status of the cedi.

“Too many businesses continue to price in dollars despite transacting entirely within Ghana,” he said. “This practice not only violates legal tender laws but also undermines confidence in the cedi.”

He announced that the Bank of Ghana would step up enforcement of currency laws and finalise a regulatory framework for Virtual Asset Service Providers (VASPs), as part of efforts to strengthen monetary sovereignty.

He added that the rollout of the eCedi, Ghana’s digital currency, would be integrated into the retail payment ecosystem to help reinforce the cedi’s role in everyday transactions.

Dr. Asiama appealed to businesses to reinvest export proceeds locally and adopt hedging mechanisms to manage forex exposure.

“The more value we keep within Ghana, the stronger the cedi becomes—and the more sustainable our macroeconomic trajectory,” he stated.