BoG Governor leads bold campaign to restore confidence in the Ghana Cedi

Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has announced a comprehensive plan to eliminate the widespread use of the U.S. dollar in local transactions as part of efforts to strengthen the Ghana cedi and enhance monetary stability.

Dr. Asiama said the excessive reliance on the dollar in domestic trade remains one of the country’s key structural weaknesses, undermining the effectiveness of monetary policy and eroding confidence in the national currency.

He explained that the central bank’s renewed focus on de-dollarisation is aimed at ensuring that the Ghana cedi becomes the sole medium of exchange and settlement for all local transactions.

“The objective is straightforward — to achieve and sustain price and financial stability. Dollarisation has persisted for decades, but we are taking firm steps to address it,” Dr. Asiama stated.

He revealed that the initiative will formally commence later this month during the Cedi at 60 celebration, marking six decades since the introduction of Ghana’s national currency.

“The cedi turns 60 this year, and we intend to use this milestone as a launchpad for a nationwide campaign promoting exclusive use of the local currency. It’s time to reaffirm the cedi’s place at the centre of our economic life,” he said.

Dr. Asiama added that reducing dollar dependency would be one of his administration’s defining achievements, noting that a strong local currency is critical to macroeconomic stability and long-term growth.

“The continued use of the dollar in everyday transactions has created inefficiencies in the system. My goal is to ensure that the cedi becomes the preferred and trusted currency for all Ghanaians,” he emphasised.

The Governor also outlined his broader vision for the Bank of Ghana, highlighting the need for institutional transformation and operational agility to meet global financial challenges.

He pointed to emerging financial technologies and digital currencies as areas requiring forward-thinking regulation and active oversight.

“When I began my career in central banking over three decades ago, fintechs and cryptocurrencies did not exist. Today, they have become major players in the global financial ecosystem. If left unchecked, they could introduce new forms of risk,” Dr. Asiama observed.

He disclosed that the central bank is currently reviewing and amending existing legislation to strengthen supervision of the fintech and digital finance sectors.

“Our ambition is to build a modern, resilient, and adaptive central bank — one that can anticipate change, respond effectively, and maintain stability under evolving global conditions,” he said.

Dr. Asiama reiterated that the Bank of Ghana will continue to pursue sound monetary policies while enhancing regulatory oversight to maintain confidence in the financial system and protect the value of the Ghana cedi.