BoG urges businesses to trade in cedis to maintain currency stability – Nsemkeka
Businesses operating in Ghana have been urged to conduct their transactions in the local currency as part of broader efforts to sustain the recent appreciation and stability of the Ghanaian cedi.
The Bank of Ghana believes that greater reliance on the cedi in domestic commerce will enhance public confidence in the currency and ease pressure on foreign exchange reserves.
Speaking at the 9th Ghana CEO Summit, Governor of the Bank of Ghana, Dr Johnson Asiama, emphasised the role of the private sector in supporting national economic resilience.
“Let me emphasise that the cedi remains the only legal tender in Ghana and, as businesses, we must ensure that transactions going forward are conducted in our local currency,” he stated.
Dr Asiama also revealed that the Central Bank is working alongside the Ministry of Finance to shift from short-term borrowing practices towards more sustainable, long-term financing solutions.
“We are working closely with the Ministry of Finance, SIGA and the Ghana Stock Exchange to revive Ghana’s domestic capital market even as economic stability returns,” he said.
Turning to digital finance, the Governor highlighted the pressing need to regulate cryptocurrency activities in Ghana.
He expressed concern over the growing adoption of digital assets in the absence of clear regulatory oversight.
“We are aware that we have nearly 17 percent of Ghanaian adults already holding crypto assets including strong adoption amongst our youth, among tech entrepreneurs and even among women-led businesses. Therefore, we cannot afford a regulatory vacuum that has existed for this while,” he explained.