Reject Dollar Payments, Protect the Cedi – BoG Governor Urges Ghanaians

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has issued a firm reminder to Ghanaians that the US dollar is not legal tender in Ghana and therefore must not be accepted as a standard mode of payment for goods and services.

Speaking at the ABSA-UPSA Quarterly Banking Roundtable on Thursday, July 17, 2025, Dr. Asiama stressed that the Ghanaian cedi remains the only legal tender in the country and urged the public to actively reject dollar transactions in the local economy.

“Let me say that the dollar is not legal tender. It cannot go everywhere the cedi goes… If you pay me in dollars for a service or something I sell to you, I have every right to say no,” Dr. Asiama emphasized.

He explained that the cedi’s exclusive status as legal tender is not just a matter of law but a matter of national responsibility, calling on both businesses and consumers to insist on cedi-based transactions.

“Consciously, we must protect the cedi. Legal tender in its simplest form refers to money that must be accepted if offered in payment of a debt,” he noted.

Dr. Asiama also warned that currency substitution, preferential pricing in foreign currency, and mandatory dollar invoicing are economically destabilizing and legally prohibited in Ghana.

“Any attempt to displace the cedi in ordinary commercial transactions… is not only economically distorting, but also legally impermissible,” he cautioned.

He concluded by emphasizing that protecting the cedi is critical to maintaining Ghana’s monetary sovereignty and ensuring effective macroeconomic management.

“The legal tender status of the cedi is not ceremonial. It is the cornerstone of macroeconomic governance, influencing everything from interest rates to liquidity management,” he asserted.

The central bank’s call comes amid persistent concerns over dollarization in parts of Ghana’s economy, especially in sectors such as real estate, automobile sales, and luxury retail.