Businesses in Ghana have been encouraged to conduct transactions using the local currency, the cedi, to help maintain its recent stability and appreciation. The Bank of Ghana has stated that increasing the use of the cedi in domestic transactions will bolster confidence in the currency and alleviate pressure on foreign exchange reserves.
During the 9th Ghana CEO Summit, Governor Dr. Johnson Asiama emphasised that CEOs and business leaders have a responsibility to support national efforts by enhancing local mechanisms aimed at ensuring the long-term stability of the cedi. He stated, “Let me emphasise that the cedi remains the only legal tender in Ghana, and as businesses, we must ensure that future transactions are conducted in our local currency.”
He also disclosed that the Central Bank is collaborating with the Finance Ministry to transition from short-term financing to more sustainable, long-term funding strategies. “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 added.
Dr. Asiama further stressed the urgent need to regulate cryptocurrency activities in the country. “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 to a regulatory vacuum that have existed for this while,” he explained.
By: Emmanuel Oppong
