The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has underscored the urgent need to safeguard the cedi’s dominance in Ghana’s economy and crack down on the increasing normalisation of foreign currency pricing in domestic transactions.
Speaking at a financial sector engagement, Dr Asiama issued a clear warning against the creeping trend of dollarisation in key sectors, stating: “We must actively protect the cedi’s role in our economy. In other words, we must support cedi dominance and de-dollarisation. This involves enforcing our legal tender laws, and this will be stepped up by us very soon, especially in sectors where foreign currency pricing has become normalised. That should not be accepted as normal at all.”
E-Cedi Rollout to Strengthen Monetary Stability
Dr Asiama also highlighted the Bank of Ghana’s digital currency project, the e-Cedi, as part of broader efforts to modernise the country’s financial system while keeping the cedi at the centre of economic activity.
“These initiatives began several years ago, and we are determined to advance the agenda further. Several pilot programmes are underway, and once ready, we will announce our progress to the nation,” he said.
The e-Cedi will be integrated with retail payment systems to ensure Ghana’s transition into the digital economy does not erode the role of the national currency.
Regulating the Crypto Space
Turning to the rapidly evolving world of financial technology, Dr. Asiama disclosed that the Bank of Ghana is developing a regulatory framework for virtual asset service providers, including cryptocurrency exchanges and digital platforms.
“This framework aims to bring cryptocurrency exchanges and digital platforms under strict oversight, fully aligning them with Anti-Money Laundering and Counter Financing of Terrorism (AMLCFT) standards. The goal: to ensure digital innovation bolsters, rather than undermines, the nation’s monetary stability.”
Acknowledging the growing influence of cryptocurrency in Ghana’s economy, Dr. Asiama said: “Cryptocurrency is undeniably a major force in Ghana’s financial landscape. We can choose to ignore it, but the reality is clear: it is influencing our economy. As the regulator, working closely with the Securities and Exchange Commission, Ghana Revenue Authority, and other agencies, we are uniting efforts to regulate this sector, ensuring the benefits are harnessed while minimising associated risks.”
He shared an analogy from a colleague to capture the inevitability of digital asset proliferation: “Crypto is like the air we breathe; you can’t stop it. It’s everywhere and happening all the time.”
Dr Asiama concluded by reaffirming the Bank’s commitment to balancing innovation with financial stability. “Our task is to develop systems that effectively manage these risks and allow this innovation to thrive.”
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