The Bank of Ghana Governor, Dr. Johnson Asiama, has restated that the US dollar is not a recognized medium of exchange in Ghana and should not be used for everyday transactions. Speaking at the ABSA-UPSA Quarterly Banking Roundtable on Thursday, July 17, Dr. Asiama emphasized that businesses and individuals have the right to refuse dollar payments.
“The dollar is not legal tender. It cannot go everywhere the cedi goes… If you pay me in dollars for service or something I sell to you, I have every right to say no, I will not accept it,” Dr. Asiama said. He encouraged the public to support the cedi’s stability by using it exclusively in commercial transactions, noting that this is both a legal requirement and a civic responsibility
Dr. Asiama warned that attempts to displace the cedi in everyday transactions undermine economic stability and are legally impermissible. “Any attempt to displace the cedi in ordinary commercial transactions… is not only economically distorting, but also legally impermissible,” he stated.
Dr. Asiama emphasized the importance of protecting the cedi as a national asset, stating that its exclusive use supports Ghana’s economic sovereignty and strengthens macroeconomic policy implementation. “It challenges the very fabric of monetary sovereignty… The legal tender status of the cedi is therefore not a ceremony, but a ceremonial provision. It is the cornerstone of macroeconomic governance.”
