The Bank of Ghana (BoG) has announced plans to intensify enforcement against the growing dollarisation of the Ghanaian economy as it works to safeguard recent gains by the Cedi and restore public confidence in the national currency.
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Governor Dr. Johnson Asiama, speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, July 15, warned that the continued practice of pricing goods and services in U.S. dollars poses a serious threat to currency stability.
“We must actively protect the Cedi’s role in the economy,” Dr. Asiama stated. “Dollar pricing has become normalized in some sectors, and that cannot continue.”
The Governor stressed that the BoG will step up enforcement of Ghana’s legal tender laws, particularly in sectors where foreign exchange pricing has become routine, including real estate, private education, and luxury retail.
“Supporting Cedi dominance and reducing dollarisation are now priorities. We’ll be intensifying our clampdown efforts very soon,” he said.
The BoG’s renewed action comes amid broader macroeconomic recovery efforts, as the Cedi shows signs of sustained appreciation and reserves have reportedly risen above $11 billion.
