Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has stated categorically that the cedi remains the only legal tender for the transaction of business in Ghana.
He had therefore questioned businesses operating in the country to stop quoting their prices in foreign currencies.
He indicated that using foreign currencies for the transaction of business in the country constitutes a breach punishable by law.
He was speaking at the Ghana CEO Summit in Accra on Monday, May 26, 2025.
He gave the firm assurance that the central bank will not hesitate in cracking the whip against those who will breach the law.
“The Ghana cedi remains the only legal tender in Ghana, and I put that in capital letters: THE CEDI IS THE ONLY LEGAL TENDER IN GHANA, and as businesses, we must ensure that transactions going forward are conducted in our local currency.”
Dr Asiama also denied any artificial intervention by the Bank of Ghana towards the appreciation of the cedi against the major currencies, particularly the dollar.
He argued that the strength of the Cedi was the result of broader economic improvements rather than external support or short-term tactics.
“Our cedi has appreciated by 24.1% against the US dollar,” he stated. “Let me emphasise that the central bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation.”
“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he explained.
By: Rainbowradioonline.com/Ghana
