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The Bank of Ghana has called on businesses operating within the country to prioritize the use of the Ghanaian cedi in all local transactions. This appeal is part of broader efforts to maintain the recent stability and appreciation of the national currency.
According to the Central Bank, increasing the use of the cedi for domestic payments will help build stronger public confidence in the currency while easing pressure on Ghana’s foreign exchange reserves.
Delivering a keynote address at the 9th Ghana CEO Summit, the Governor of the Bank of Ghana, Dr. Johnson Asiama, emphasized the vital role of business leaders in supporting the country’s economic goals.
“Let me emphasize that the cedi remains the only legal tender in Ghana and as businesses, we must ensure that transactions going forward are conducted in our local currency,” he said.
Dr. Asiama revealed that the Bank of Ghana is currently working with key institutions to shift from short-term borrowing practices to more sustainable financing solutions that support long-term development.
“We are working closely with the Ministry of Finance, SIGA and the Ghana Stock Exchange to revive Ghana’s domestic capital market even as economic stability returns,” he noted.
He also addressed the growing influence of cryptocurrencies in Ghana, warning that a lack of regulation could pose risks to the financial system.
“We are aware that we have nearly 17 percent of Ghanaian adults already holding crypto assets including strong adoption amongst our youth, among tech entrepreneurs and even among women-led businesses. Therefore, we cannot afford to have a regulatory vacuum that has existed for this while,” Dr. Asiama stated.
The Governor’s comments come at a time when Ghana is seeking to reinforce monetary discipline and deepen trust in its financial systems.
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