The Bank of Ghana has called on businesses operating in the country to conduct their transactions in the local currency, the Ghanaian cedi, to reinforce confidence and stability in the currency.
Speaking at the 9th Ghana CEO Summit, Bank of Ghana Governor Dr. Johnson Asiama emphasized the importance of using the cedi in domestic transactions.
“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 stressed.
Dr. Asiama noted that increased use of the cedi in domestic transactions would help reduce pressure on foreign exchange reserves. He also highlighted the Central Bank’s efforts to transition from short-term financing to more sustainable, long-term funding strategies.
“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 added.
The Governor also expressed concerns about the growing adoption of cryptocurrency in Ghana, particularly among the youth and tech entrepreneurs.
“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,” he said.
Dr. Asiama emphasized the need for regulation in the cryptocurrency space, stating, “Therefore, we cannot afford a regulatory vacuum that has existed for this while.”
The Central Bank, he assured, is working to address this issue to ensure the stability of the financial system.