Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has renewed calls for stronger efforts to promote the exclusive use of the Ghana cedi in domestic transactions, describing dollarisation as one of the country’s most persistent economic challenges.
Speaking at the IMF/World Bank Governor Talk Series in Washington, D.C., Dr. Asiama expressed concern over the continued use of foreign currencies particularly the US dollar in local trade, noting that it undermines the effectiveness of monetary policy.
“A couple of things bother me. First of all is the issue of dollarisation. I have seen this for many years. I started central banking 30 years ago. The phenomenon has been there. So, we are tackling it,” he said.
He added that ensuring the cedi becomes the sole legal tender in Ghana’s economy is a key priority for his administration at the central bank.
“What can we do to make the local currency the sole legal tender? So on the 28th of this month, we are having a celebration. We call it the Cedi at 60. The local currency will be 60 years this year, and we want that to mark a new beginning,” Dr. Asiama announced.
The BoG Governor said the upcoming anniversary celebration would serve as both a symbolic and practical step toward reinforcing confidence in the cedi and promoting its wider use across all sectors of the economy.
“When we use the local currency in all transactions, this enhances the efficiency of monetary policy. It is at the core of most of our problems. It is one of the things I would want to be remembered for—that I came, I solved that problem, and I made the local currency the currency of choice,” he said.
The Cedi at 60 celebration, scheduled for October 28, is expected to highlight the evolution of Ghana’s national currency and renew public commitment to its use as the sole medium of exchange within the country.
