BoG Governor Reiterates: US Dollar Not Legal Tender in Ghana
The Governor of the Bank of Ghana, Dr. Johnson Asiama, has issued a firm reminder that the US dollar is not legal tender in Ghana, emphasizing that the Ghanaian cedi remains the only officially recognized currency for all commercial transactions within the country.
Speaking at the ABSA-UPSA Quarterly Banking Roundtable held on Thursday, July 17, 2025, Dr. Asiama stressed that while foreign currencies like the US dollar may be used in specific transactions under special regulatory conditions, they are not to be treated as a general or standard means of payment.
“Let me say that the dollar is not legal tender. It cannot go everywhere the cedi goes. What it means is, if you pay me in dollars for a service or something I sell to you, I have every right to say no, I will not accept it,” he said.
Public Urged to Support the Cedi
Dr. Asiama encouraged both businesses and consumers to uphold the exclusive legal status of the cedi, urging Ghanaians to insist on its use in all daily transactions. He described this as not just a legal responsibility but also a civic duty.
“Consciously, we must be able to protect the cedi. We must be able to ensure that it’s the only form for transaction in this country,” he emphasized.
He clarified that “legal tender” means money that must be accepted if offered in payment of a debt, and in Ghana, that obligation applies solely to the cedi.
Warning Against Currency Substitution
The BoG Governor cautioned that informal or unauthorized practices, such as pricing in dollars, mandatory dollar invoicing, or using foreign currency as a default payment method, are both legally impermissible and economically harmful.
“Any attempt to displace the cedi in ordinary commercial transactions is not only economically distorting, but also legally impermissible,” he warned.
He noted that some market players exploit exchange rate fluctuations for profit, a practice that further undermines the value of the cedi and threatens economic stability.
Cedi as a Symbol of Economic Sovereignty
Dr. Asiama concluded by urging all Ghanaians to treat the cedi as a national asset, asserting that respecting its exclusive legal status is essential to protecting Ghana’s economic independence.
“It challenges the very fabric of monetary sovereignty. So the legal tender status of the cedi is therefore not a ceremony, but the cornerstone of macroeconomic governance,” he said.
He explained that the use of the cedi underpins effective monetary policy, interest rate regulation, and liquidity management, and remains vital to preserving Ghana’s macroeconomic foundation.
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