Princess Avenyoh
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama has reminded Ghanaians that the US dollar is not legal tender in the country and should not be used as a regular means of payment for goods and services.
Speaking at the ABSA-UPSA Quarterly Banking Roundtable on Thursday, July 17, Dr. Asiama explained that the Ghanaian cedi remains the only official currency for transactions in Ghana.
“The dollar is not legal tender in Ghana. It cannot be used everywhere like the cedi. If someone pays you in dollars, you have the right to refuse it,” he said.
He encouraged both businesses and the public to support the cedi by using it for all payments. He added that this is not just a legal responsibility but also a civic duty that helps protect the local currency.
“We must protect the cedi. It should be the only currency used in the country. Legal tender means money that must be accepted when offered in payment for a debt,” he noted.
Dr. Asiama warned that some people take advantage of exchange rate movements to make profit, which harms the economy.
He stressed that invoicing in dollars, pricing goods in foreign currency, or using dollars instead of the cedi is not allowed by law and disrupts the economy.
He also called on Ghanaians to treat the cedi as a national symbol that supports Ghana’s independence and economic goals.
“The legal status of the cedi is not symbolic. It is central to how we manage the economy. It helps us control interest rates and liquidity,” he said.