Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has firmly reminded the public and business community that the US dollar is not a legal tender in Ghana, and as such, it can be lawfully rejected as a means of payment for goods and services.
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Speaking at the ABSA-UPSA Quarterly Banking Roundtable, Dr. Asiama emphasized that accepting foreign currency, particularly the US dollar, for local transactions is both legally impermissible and economically harmful.
“The dollar is not legal tender in Ghana. If someone pays you in dollars, you have every right to reject it,” he stated.
He urged Ghanaians to support the BoG’s ongoing efforts to stabilize the Ghana cedi by insisting on payments in the local currency.
“Consciously, we must protect the cedi. It must be the only currency used for transactions in this country. It’s not just legal, it’s a civic duty,” he added.
Rejecting Dollarisation, Preserving Sovereignty
Dr. Asiama warned that informal practices such as dollar invoicing, foreign currency pricing, and currency substitution distort Ghana’s economy and undermine its monetary sovereignty.
“Any attempt to displace the cedi in ordinary transactions is not only distorting but also violates the law,” he stressed.
He called on citizens and businesses to view the cedi as a national asset that represents pride, trust, and economic independence.
“The cedi’s legal tender status is not ceremonial. It underpins our macroeconomic governance, influences monetary policy, and drives liquidity management,” Dr. Asiama concluded.
Context
This call comes amid increasing concerns about dollarisation in Ghana’s economy and follows reports that many high-end goods, services, and real estate deals are often priced in foreign currencies, in violation of BoG regulations.
