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The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has urged the public to reject payments in US dollars and protect the integrity of the Ghanaian cedi, which remains the country’s only legal tender.
Addressing participants at the ABSA-UPSA Quarterly Banking Roundtable held on Thursday, July 17, Dr. Asiama emphasized that the US dollar is not legally recognized for transactions within Ghana, and businesses and consumers are under no obligation to accept it as payment.
“Let me say that the dollar is not legal tender. It cannot go everywhere the cedi goes. The dollar is not a legal tender in Ghana. What it means is if you pay me in dollars for service or something I sell to you, I have every right to say no, I will not accept it,” he stated.
He called on all Ghanaians to actively support the cedi by using it exclusively in commercial dealings, describing it as both a legal responsibility and a patriotic act. According to him, protecting the cedi is essential to maintaining the country’s economic stability and sovereignty.
“Consciously, we must be able to protect the cedi. We must be able to ensure that it’s the only form for transaction in this country. Legal tender in its simplest form refers to money that must be accepted if offered in payment of a debt,” Dr. Asiama explained.
He also warned against the increasing trend of dollar-based pricing, invoicing, and informal currency substitution, labelling such practices as economically harmful and legally unacceptable.
“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 cautioned.
Dr. Asiama concluded by reminding the public that the cedi is a symbol of Ghana’s monetary independence and must be treated as a national asset. Its exclusive use, he added, is vital to the effective implementation of macroeconomic policies and the maintenance of financial order.
