The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has emphasized that the US dollar is not recognised as legal tender in Ghana and should therefore not be accepted as a regular means of payment for goods and services in the country.
Delivering remarks at the ABSA-UPSA Quarterly Banking Roundtable on Thursday, July 17, Dr. Asiama stressed that both businesses and consumers are fully entitled to reject payments made in dollars, emphasizing the exclusive legal status of the Ghanaian cedi.
He stated that the dollar could not be used everywhere the cedi is accepted and reiterated that individuals have every right to decline dollar payments for services or goods, as it does not qualify as legal tender in Ghana.
Dr. Asiama called on the public to actively support the stability of the cedi by insisting on its use in all commercial transactions. He pointed out that this was not only a legal requirement but also a civic responsibility.
He also warned that some market participants might try to take advantage of currency fluctuations for personal benefit, a behavior he said poses a threat to the country’s economic stability.
Dr. Asiama further described the cedi as a national asset that deserves both protection and respect. He explained that using the cedi exclusively helps to preserve Ghana’s economic sovereignty and reinforces the effectiveness of macroeconomic policies.
He added that the legal tender status of the cedi is not merely symbolic, but a vital component of Ghana’s monetary system. According to him, it forms the foundation for the country’s macroeconomic governance, enabling effective implementation of monetary policies, interest rate decisions, and liquidity management.
