Dr. Asiama Rallies Ghanaians to Protect Cedi as Legal Tender, Condemning Dollarization of the Economy

Governor of the Bank of Ghana, Dr. Johnson Asiama, has insisted that the Ghana cedi is the “king” and “supreme” legal tender in the country above any currency.

In a firm and urgent call to action, the Governor has shown concern over the alarming use of the US dollar in everyday transactions, warning that such practices undermine the value, stability, and sovereignty of Ghana’s national currency.

Speaking at the ABSA-UPSA Quarterly Banking Roundtable, Dr. Asiama stressed that the cedi is the only legal tender in Ghana, and Ghanaians must consciously and collectively work to protect and prioritize its use in all domestic transactions.

“Let me say that the dollar is not legal tender. It cannot go everywhere the cedi goes,” the Governor emphasized. “If you pay me in dollars for a service or something I sell to you, I have every right to say no. I will not accept it.”

Dr. Asiama’s call cuts to the heart of a growing trend of landlords demanding rent in dollars, online sellers quoting prices in foreign currencies, and some businesses issuing invoices exclusively in USD.

While these practices may seem convenient or profitable for some, the Governor warned they are both economically distorting and legally impermissible.

For the ordinary Ghanaian, the Governor, you are not obliged to pay in dollars, not for rent, not for goods, not for services. The cedi is your power, and accepting anything else weakens your own financial footing.

Ghana has battled with recurring currency depreciation over the years. When people and businesses begin to prefer foreign currency for transactions, it fuels artificial demand for the dollar, reduces trust in the cedi, and can trigger a spiral of depreciation, inflation, and economic instability.

“Consciously, we must be able to protect the cedi. We must be able to ensure that it’s the only form for transacting in this country. Any attempt to displace the cedi in ordinary commercial transactions, whether through mandatory dollar invoicing, preferential pricing in foreign currency, or informal currency substitution, is not only economically distorting, but also legally impermissible,” he indicated.

He therefore calls on retailers, service providers, landlords, and even consumers to respect the law and uphold the cedi’s status in every corner of the economy.

He acknowledged that confidence in the currency is often linked to broader economic performance, but insisted that protecting the cedi starts with individual choices the ones made daily in markets, shops, offices, and online platforms.

The public call of the BoG Chief is expected to spark renewed enforcement efforts by regulators, including the Financial Intelligence Centre and the Ghana Revenue Authority, to clamp down on illegal foreign currency pricing.

As the cedi continues to fight for its place in the economy, the Governor’s call is a reminder that currency sovereignty is not just the job of the central bank, it belongs to every Ghanaian.

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