Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has issued a strong warning about the increasing use of foreign currencies, especially the US dollar, in domestic transactions, calling it a serious threat to Ghana’s monetary stability.
Speaking in Accra on Tuesday, July 15, Dr. Asiama expressed concern over the persistent dollarisation of key sectors such as real estate, education, and luxury retail, where businesses continue to quote prices in dollars even though transactions are conducted within Ghana.
“We are still grappling with a deep-rooted culture of dollarisation, too many businesses price in dollars despite operating entirely in Cedi territory. This not only violates our legal tender laws but also erodes public confidence in the Cedi,” he said.
He warned that this trend undermines the central bank’s ability to maintain currency stability and puts pressure on foreign exchange reserves.
Dr. Asiama also pointed to a troubling pattern in Ghana’s external trade, noting that while exports have increased, much of the foreign currency earned remains offshore and is not reinvested into the local economy.
“Even more concerning is the mismatch between forex inflows and domestic reinvestment. The gains from exports are not translating into productive investment at home,” he said.
The Governor called on all businesses to comply fully with the use of the Cedi in local transactions and urged regulators to intensify enforcement against unofficial dollarisation.
He emphasised that strengthening the role of the Cedi is critical for long-term economic resilience and financial sovereignty.