BoG urges businesses to trade in cedis to maintain currency stability

Businesses in Ghana are encouraged to use the local currency. This is part of efforts to maintain the recent stability of the Ghanaian cedi.

The Bank of Ghana believes using the cedi will boost public confidence. It will also help ease pressure on foreign exchange reserves.

At the 9th Ghana CEO Summit, Dr. Johnson Asiama spoke about this. He is the Governor of the Bank of Ghana. He stressed that businesses must conduct transactions in cedis.

Dr. Asiama mentioned that the Central Bank is collaborating with the Ministry of Finance. They aim to move from short-term borrowing to sustainable, long-term financing solutions.

“We are working with SIGA and the Ghana Stock Exchange,” he said. Their goal is to revive Ghana’s domestic capital market as economic stability returns.

Regarding digital finance, Dr. Asiama highlighted a need for regulation on cryptocurrency activities in Ghana. He expressed concern over increasing adoption without clear oversight.

“Nearly 17 percent of adults hold crypto assets,” he noted. This includes many young people, tech entrepreneurs, and women-led businesses. A regulatory vacuum cannot continue any longer, he emphasized.