Cedi first: BoG Governor warns against dollar payments in Ghana

The Governor of the Bank of Ghana, Dr. Johnson Asiama, has issued a strong reminder that the US dollar is not recognized as legal tender in Ghana—and therefore, should not be accepted as a standard method of payment for goods and services across the country.

Addressing stakeholders at the ABSA-UPSA Quarterly Banking Roundtable on Thursday, July 17, Dr. Asiama stressed that the Ghanaian cedi is the sole currency with legal backing for domestic transactions. He clarified that Ghanaians are under no obligation to accept US dollars in commercial exchanges.

“The dollar cannot go everywhere the cedi goes,” he stated. “If someone offers to pay you in dollars, you are fully entitled to reject it. Only the cedi is recognized under Ghanaian law as a legal means of payment.”

He urged both businesses and the public to uphold the integrity of the cedi by using it exclusively in all trade and service-related dealings. Doing so, he argued, is not only a legal responsibility but a civic one that contributes to the country’s financial stability.

Dr. Asiama expressed concern over emerging practices like mandatory pricing in foreign currencies and informal dollarization, warning that these trends could distort the economy and violate the law. “When we allow the cedi to be sidelined, we undermine our monetary sovereignty and weaken the effectiveness of our economic policies,” he cautioned.

He concluded by calling on Ghanaians to treat the cedi not just as currency, but as a national symbol worth protecting—emphasizing that its exclusive use is central to the country’s economic independence and policy success.