Trade in Cedis to sustain currency gains – BoG to businesses

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

The Bank of Ghana states that using the cedi will boost confidence in the currency. It will also help reduce pressure on foreign exchange reserves.

At the 9th Ghana CEO Summit, Governor Dr. Johnson Asiama spoke about this issue. He said CEOs and business leaders should support national efforts for the cedi's stability.

He emphasized that the cedi is the only legal tender in Ghana. Businesses must conduct transactions in the local currency moving forward.

Dr. Asiama also mentioned that the Central Bank is working with the Finance Ministry. They aim to shift from short-term financing to sustainable, long-term funding strategies.

“We are collaborating with SIGA and the Ghana Stock Exchange,” he added. This effort aims to revive Ghana’s domestic capital market as economic stability returns.

Additionally, Dr. Asiama highlighted the need to regulate cryptocurrency activities in Ghana. He noted that nearly 17 percent of adults hold crypto assets.

This trend includes strong adoption among youth, tech entrepreneurs, and women-led businesses. Therefore, he stressed that a regulatory vacuum cannot continue any longer.