Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has announced that reducing the country’s reliance on the United States dollar for domestic transactions is among his top policy priorities. Speaking during an interview with the International Monetary Fund (IMF) at the IMF/World Bank Spring Meetings in Washington, Dr Asiama described Ghana’s persistent dollarisation as a “structural weakness” that continues to undermine the central bank’s efforts to maintain monetary policy effectiveness and price stability.
Dr Asiama said the BoG intends to make the Ghana cedi the preferred and exclusive medium for trade and payment within the country. “It’s at the core of most of our problems,” he explained. “I want to make the cedi the currency of choice.” He added that the upcoming “Cedi at 60” celebration will serve as a launchpad for a nationwide campaign encouraging citizens, businesses, and financial institutions to prioritise the use of the cedi in all domestic transactions.
Dollarisation — the widespread use of the U.S. dollar in a local economy has long been a challenge for Ghana. Many real estate, hospitality, and import-dependent businesses routinely quote prices in dollars, a practice that has not only weakened the local currency’s role in the economy but also complicated efforts to manage inflation. Economists say this habit tends to amplify exchange rate volatility, reduce confidence in the domestic currency, and limit the central bank’s control over monetary conditions.
Dr Asiama’s renewed campaign reflects growing concerns over these distortions, particularly as Ghana continues to recover from recent economic shocks. In the past three years, the country has experienced severe currency depreciation, rising inflation, and high debt levels, prompting the government to seek an IMF-supported reform programme. Although the cedi has shown some signs of stabilisation, dollarisation remains an obstacle to building a more resilient financial system.
The governor acknowledged that addressing the problem will require both policy enforcement and a cultural shift among businesses and consumers. “We will be engaging the public directly, using education and incentives to promote trust and pride in the cedi,” he said. “This will not be about compulsion alone; it will be about demonstrating that the cedi can be a reliable store of value.”
The BoG is expected to tighten its regulatory stance against pricing goods and services in foreign currency, except in cases where it is legally permitted, such as in international trade and specific offshore transactions. The campaign, according to Dr Asiama, will also include partnerships with commercial banks and the private sector to increase the availability of cedi-denominated financial products and digital payment platforms.
In addition to tackling dollarisation, Dr Asiama outlined broader reforms aimed at modernising the Bank of Ghana and strengthening its institutional capacity. He said his administration is committed to building a more agile central bank, capable of responding swiftly to emerging risks in the financial sector, including those posed by fintech innovation and cryptocurrencies.
“Technology is changing the nature of money and financial intermediation,” he noted. “We must ensure that our regulatory frameworks evolve fast enough to safeguard stability without stifling innovation.” The BoG has already taken steps towards developing a central bank digital currency (CBDC), the eCedi, which is currently undergoing pilot testing. According to Dr Asiama, the eCedi project is part of the central bank’s strategy to deepen financial inclusion, improve payment efficiency, and enhance the traceability of transactions.
Analysts see Dr Asiama’s anti-dollarisation push as an important step toward restoring confidence in Ghana’s monetary system, though they warn that success will depend on broader macroeconomic reforms. Persistent fiscal deficits, dependence on imports, and limited export diversification have all contributed to the cedi’s vulnerability over the years. Unless these structural issues are addressed, experts argue, the incentive for businesses and consumers to hold dollars will remain strong.
Still, Dr Asiama remains optimistic that a combination of sound policy, institutional discipline, and public cooperation can gradually reverse the trend. “We are not expecting an overnight transformation,” he said. “But if we can shift attitudes and strengthen fundamentals, the cedi can once again become a symbol of national confidence and economic stability.”
As Ghana marks six decades of its national currency, the Bank of Ghana’s efforts to restore the cedi’s dominance could prove a defining chapter in the country’s economic reform story, and a lasting part of Dr Asiama’s legacy as governor.
