The Bank of Ghana Governor has given the firm assurance that the Central Bank will take some drastic measures to help halt the dollarisation of the cedi.

The Governor stated that “Enforcement of legal tender laws will be stepped up, especially in sectors where forex pricing has become normalised”.

The Bank of Ghana Governor disclsoed this at the Graphic/Stanbic Breakfast meeting at the Labadi Beach Hotel in Accra .

He added that "When you go to countries like South Africa  Kenya , its all about their local currency, when it comes to pricing and quotes for transaction. The same thing must be done in Ghana".

Private Sector Support

The Bank of Ghana Governor also advised export-oriented businesses to reinvest their proceeds locally and “not just as a patriotic gesture, but as a long-term strategy for profitability and resilience".

He added that “firms that invoice in cedis or adopt hedged forex position “are not only reducing their exposure to volatility; they are strengthening the ecosystem within which they operate”.

“Such firms deserve recognition and support, through access to tailored credit products, FX [forex] liquidity facilities, and procurement incentives where possible” the Bank of Ghana Governor added.

 He argued that “The more value we keep within Ghana, the stronger the cedi becomes—and the more sustainable our macroeconomic trajectory”.

Supporting the BoG

Dr. Johnson Asiama expressed the Bank of Ghana's commitment to firmly stabilise the local and ensure a sound banking system.

He however stated that "We cannot do it alone, that is why we invite you to partner with the Bank of Ghana, not only as a regulator, but as a co-architect of Ghana’s monetary future".

“Share market intelligence that can improve our forward guidance and FX [forex] auction design,” Dr Asiama added.

The Governor noted that, “Together, we can shift from a reactive posture to a proactive partnership, where businesses help shape the very environment they operate in”.

Dr. Asiama reminded the participants at the programme that  “sustaining forex gains must not be about preserving numbers”.

 “It must be about building resilience, expanding value, and ensuring these gains touch the lives of everyday Ghanaians.” He observed