The Governor of the Bank of Ghana, Dr. Johnson Asiama, has urged Ghanaian businesses to prioritise the use of the local currency, the cedi, in their transactions, warning that over-reliance on foreign currencies could undermine recent economic progress.

Speaking at the 9th Ghana CEO Summit in Accra, Dr. Asiama said the cedi has shown strong performance in recent weeks, appreciating by nearly 19% between April and May.

He attributed this to prudent fiscal management and improved market confidence, not direct dollar interventions by the central bank.

He called on the business community to support the central bank’s efforts by choosing the cedi as the currency of choice for all local transactions.

"Let me emphasise that the cedi is our sole currency and a legal tender in Ghana so businesses should do business with the cedi," he said.

“We are not supporting the currency by using our international reserves.We are supporting the economy through sound monetary policy, and we expect businesses to support this effort by transacting in cedis.”Dr. Asiama said

The Governor emphasised that while the Bank of Ghana is not targeting an over-appreciation of the cedi, maintaining stability in the exchange rate is critical to sustaining economic recovery, controlling inflation, and building investor trust.

He noted that increased usage of foreign currencies in local transactions puts pressure on the cedi and hampers national efforts to stabilise the economy.