Policy think tank IMANI Africa has called on the Bank of Ghana (BoG) to strictly enforce laws prohibiting the pricing of goods and services in US dollars for domestic transactions.
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The call follows remarks by BoG Governor Dr. Johnson Asiama, who reaffirmed that the Ghanaian cedi remains the sole legal tender in the country and warned businesses and individuals against the growing use of dollars for local transactions.
“The dollar is not legal tender in Ghana. You’re under no obligation to accept it for domestic payments,” Dr. Asiama said at the ABSA-UPSA Banking Roundtable on July 17.
Dr. Asiama emphasized that protecting the cedi is both a legal duty and a civic responsibility. He also revealed plans to step up enforcement and finalize a framework to regulate Virtual Asset Service Providers (VASPs), with the upcoming rollout of the eCedi expected to reinforce this mandate.
In a detailed article, IMANI warned that dollarisation in Ghana is driven by weak enforcement, policy inconsistency, low public trust, and economic uncertainty, not just by convenience.
“It’s not enough to police dollar pricing or appeal to patriotism. People will trust the cedi again when the economy makes sense, rules are fair, and policies are consistent,” IMANI noted.
They cited continued dollar pricing in luxury real estate, tuition, and hospitality sectors as illegal practices that persist due to lack of sanctions, undermining monetary policy and public trust in the cedi.
IMANI stressed that solving the issue requires structural reforms to boost economic competitiveness, improve the trade balance, and reduce dependency on imports.
“Dollarisation is a symptom of deeper economic weaknesses. Legal crackdowns won’t work unless we address the root causes,” IMANI concluded.
