Governor of the Bank of Ghana, Dr. Johnson Asiama
Governor of the Bank of Ghana, Dr. Johnson Asiama, has issued a strong reminder that the United States dollar is not legal tender in Ghana, cautioning that businesses and individuals who engage in its use for everyday transactions are violating the law and undermining national economic stability.
Addressing stakeholders at the ABSA-UPSA Quarterly Banking Roundtable on Thursday, July 17, Dr. Asiama underscored the exclusive authority of the Ghanaian cedi in all domestic transactions, stressing that any attempt to replace it—even informally—erodes the country’s monetary sovereignty.
“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,” Dr. Asiama clarified.
He urged both consumers and merchants to insist on using the cedi, not only as a matter of legality but as a patriotic obligation to defend Ghana’s currency and strengthen the local economy.
“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,” he explained.
Dr. Asiama warned that foreign currency dealings within Ghana’s internal market structure present serious risks. He condemned the growing trend of dollar invoicing, foreign currency-based pricing schemes, and informal substitution of the cedi, describing them as practices that distort economic fundamentals.
“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 warned.
Calling on citizens to treat the cedi as a critical national asset, Dr. Asiama said the widespread adoption of the local currency is key to maintaining macroeconomic stability and giving the Bank of Ghana the tools it needs to effectively manage liquidity and interest rates.
“It challenges the very fabric of monetary sovereignty. So the legal tender status of the cedi is therefore not a ceremony, but a ceremonial provision. It is the cornerstone of macroeconomic governance. It ensures monetary policy decisions, interest rates, and liquidity management,” he concluded.
The Governor’s remarks come amid intensified efforts by the central bank to stabilize the cedi, discourage dollarisation, and enforce compliance with Ghana’s financial regulations.
