Bank of Ghana Governor Dr. Johnson Asiama reinforced that American dollars lack legal tender status within the country during Thursday's ABSA-UPSA Quarterly Banking Roundtable. The central bank chief emphasized that Ghanaian cedis maintain exclusive authority for all domestic commercial activities. Businesses and individuals violate national law when conducting transactions using foreign currency instead of local money. Asiama rejected practices such as dollar-based invoicing and foreign currency pricing schemes that threaten economic stability. The governor described these activities as legally prohibited and economically harmful to monetary sovereignty.
Citizens must defend the cedi as a vital national resource according to the banking official. Widespread adoption of local currency supports macroeconomic stability and enables effective central bank policy implementation. Foreign currency usage in internal markets creates serious economic risks that undermine Ghana's financial foundations. Asiama called the cedi's legal tender designation a cornerstone of governmental economic management rather than ceremonial recognition. The central bank continues efforts to strengthen the local currency while discouraging dollarization practices throughout the economy.
Citizens must defend the cedi as a vital national resource according to the banking official. Widespread adoption of local currency supports macroeconomic stability and enables effective central bank policy implementation. Foreign currency usage in internal markets creates serious economic risks that undermine Ghana's financial foundations. Asiama called the cedi's legal tender designation a cornerstone of governmental economic management rather than ceremonial recognition. The central bank continues efforts to strengthen the local currency while discouraging dollarization practices throughout the economy.
