Businesses operating in Ghana have been urged to conduct their transactions in the local currency to help preserve the recent stability and appreciation of the cedi.
Also Read
According to the Bank of Ghana (BoG), using the cedi more frequently in domestic transactions will strengthen public confidence in the currency and ease the demand for foreign exchange.
Speaking at the 9th Ghana CEO Summit, BoG Governor Dr. Johnson Asiama emphasized that business leaders have a crucial role in reinforcing the cedi’s long-term value by adopting strong local financial practices.
“Let me emphasize that the cedi remains the only legal tender in Ghana. As business leaders, we must ensure that our transactions are conducted in our local currency,” Dr. Asiama stated.
He also revealed that the Central Bank is working with the Ministry of Finance to shift from short-term borrowing to sustainable, long-term financing strategies. “We’re collaborating with the Ministry of Finance, SIGA, and the Ghana Stock Exchange to revive Ghana’s domestic capital market as economic stability returns,” he added.
In addition, Dr. Asiama stressed the need for urgent regulation of cryptocurrency activities in the country. “We know nearly 17% of Ghanaian adults already hold crypto assets, with high adoption among youth, tech entrepreneurs, and women-led businesses. Therefore, we cannot afford to maintain the regulatory vacuum that has existed for this long,” he said.
