In an attempt to maintain the cedi’s recent stability and appreciation, businesses operating in Ghana have been advised to transact in local currency.
The Bank of Ghana claims that more domestic transactions involving the cedi will boost currency confidence and lessen pressure on foreign exchange reserves.
Governor Dr. Johnson Asiama stated during the 9th Ghana CEO Summit that CEOs and business executives have an obligation to assist national initiatives by bolstering domestic systems that guarantee the long-term stability of the cedi.
“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.
Additionally, he revealed that the Central Bank and the Finance Ministry are working together to shift from short-term financing to longer-term, more sustainable funding arrangements.
“We are working closely with the Ministry of Finance, SIGA and the Ghana Stock Exchange to revive Ghana’s domestic capital market even as economic stability returns,” he added.
Dr. Asiama further stressed the urgent need to regulate crypto currency activities in the country.
“We are aware that we have nearly 17 percent of Ghanaian adults already holding crypto assets including strong adoption amongst our youth, among tech entrepreneurs and even among women led businesses. Therefore we cannot afford to a regulatory vacuum that have existed for this while,” he explained.