On July 15, 2025, Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), raised serious concerns about the increasing use of foreign currencies, particularly the US dollar, in domestic transactions, warning that it jeopardizes Ghana’s monetary stability. Speaking at the Graphic Business Breakfast Meeting in Accra, he highlighted the pervasive “deep-rooted culture of dollarisation” in sectors such as real estate, private education, and luxury retail.
“We are still grappling with a deep-rooted culture of dollarisation. Too many businesses continue to price in dollars in real estate, education, and luxury retail despite transacting entirely in Ghana,” Dr. Asiama stated. He emphasized that this practice violates Ghana’s legal tender laws and undermines public confidence in the Ghana Cedi, stating, “This practice not only violates the legal tender laws but also erodes confidence in the Cedi.”
Dr. Asiama also expressed concern over the failure to reinvest foreign exchange inflows into the local economy, noting, “Even more concerning, colleagues, is the mismatch between forex inflows and domestic reinvestment. While exports have risen, a significant portion is either held offshore and not channeled back into productive activities at home.”
The BoG Governor urged businesses to adhere to regulations mandating the use of the Cedi for all domestic transactions and called on regulatory authorities to intensify efforts to curb the growing trend of unofficial dollarisation. He warned that the practice, if unchecked, could further destabilize Ghana’s economy and hinder efforts to strengthen the national currency.
Source: African Publicity
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