Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has raised serious concerns over the continued use of foreign currencies, particularly the US dollar, in domestic transactions, describing the trend as a growing threat to Ghana’s monetary stability.
Speaking at the Graphic Business Breakfast Meeting held in Accra on Tuesday, 15th July, Dr Asiama lamented the persistent culture of dollarisation in key sectors of the local economy.
“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,” he said.
Dr Asiama stressed that this practice not only contravenes Ghana’s legal tender laws but also undermines public confidence in the Cedi.
“This practice not only violates the legal tender laws but also erodes confidence in the Cedi,” he cautioned.
He further highlighted concerns over the growing mismatch between foreign exchange inflows and domestic reinvestment.
“Even more concerning, colleagues, is the mixed match between forex inflows and domestic reinvestment. While exports have risen, a significant portion is either held offshore and not channelled back into productive activities at home,” he noted.
The Governor called on businesses and stakeholders to strictly adhere to the use of the Cedi in all local transactions. He also urged regulatory authorities to step up enforcement efforts to curb the rising trend of unofficial dollarisation in the economy.
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