Transact in cedis to maintain stability – BoG to businesses

The Bank of Ghana (BoG) has called on businesses to conduct transactions in the Ghanaian cedi as part of ways to sustain the currency’s recent appreciation and stability.

Since January 2025, the cedi has posted significant gains against major foreign currencies, particularly the US dollar.

As of April, Bloomberg ranked it the world’s best-performing currency, with the local currency currently trading at approximately GH₵10.40 to the dollar.

According to the Central Bank, increased reliance on the cedi for domestic transactions will help build public confidence in the currency while easing demand for foreign exchange reserves.

Speaking at the 9th Ghana CEO Summit in Accra, BoG Governor, Dr. Johnson Asiama, reiterated the cedi’s legal status and emphasized the importance of using it for all local trade.

“Let me emphasize that the Cedi remains the only legal tender in Ghana and as businesses we must ensure that transactions going forward are conducted in our local currency,” he stressed.

Dr. Asiama credited the currency’s strong performance to sound macroeconomic management and prudent fiscal measures, dismissing suggestions of deliberate currency manipulation.

“Our Cedi has appreciated by 24.1% against the US dollar. Now colleagues, let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation,” he said.

“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he added.