Bank of Ghana Governor Dr. Johnson Asiama has decried widespread dollar pricing in Ghana’s real estate, education, and luxury retail sectors as a violation of legal tender laws that “undermines confidence in the cedi.”
Speaking at a financial forum, Asiama warned that persistent dollarization jeopardizes recent currency gains despite improved trade metrics.
The Governor highlighted a critical mismatch between rising export revenues and domestic reinvestment, noting “a significant portion of forex earnings [are] held offshore or not channeled into productive activity.” He particularly cited low export value retention among SMEs and Ghana’s “unacceptably low” formal savings rate as structural weaknesses.
These practices contravene Ghana’s Currency Act (Act 750), which mandates cedi use for domestic transactions. Asiama’s remarks reinforce the central bank’s push for behavioral reforms under President Mahama’s economic reset agenda, urging businesses to align pricing with national currency stability efforts.
