Trade in Cedis to sustain currency gains – BoG to businesses

Businesses operating in Ghana have been urged to conduct their transactions in the local currency as part of efforts to preserve the recent stability and appreciation of the cedi.

According to the Bank of Ghana, increased use of the cedi in domestic transactions will help reinforce confidence in the currency and reduce pressure on foreign exchange reserves.

Speaking at the 9th Ghana CEO Summit, Governor Dr. Johnson Asiama opined that CEOs and business leaders have a responsibility to support national efforts by strengthening domestic mechanisms that ensure the cedi’s long-term stability.

“Let me emphasize 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 stressed.

He also disclosed that the Central Bank is collaborating with the Finance Minsitry 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 crypto currency 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.