Policy think tank IMANI Africa has urged stricter enforcement of Ghana’s legal tender laws to combat the widespread pricing of goods and services in foreign currencies.
This follows Bank of Ghana Governor Dr. Johnson Asiama’s recent reaffirmation that the cedi remains Ghana’s sole legal tender, with businesses having no obligation to accept dollars for domestic transactions.
At the ABSA-UPSA Banking Roundtable on July 17, 2025, Dr. Asiama emphasized that dollar use for local payments violates Ghanaian law and undermines monetary policy. “Consciously, we must protect the cedi as our exclusive transaction medium,” he stated, framing compliance as both a legal duty and civic responsibility.
IMANI’s analysis acknowledges these concerns but argues enforcement remains critically lacking. Luxury real estate, private education, and retail sectors routinely price in dollars without consequence, eroding trust in the cedi. The group notes that while recent cedi gains are positive, dollarisation persists due to “fear-driven habits” rooted in historical currency instability and low competitiveness.
In a policy paper, IMANI contends that lasting solutions require economic reforms alongside legal action: “Dollarisation won’t end through policing or patriotic appeals alone. It ends when people believe in the cedi again.” Recommendations include boosting value-added exports, import substitution, and ensuring policy consistency to address the practice’s behavioral drivers.
The central bank’s planned eCedi rollout and stricter virtual asset regulations aim to reinforce cedi usage, but IMANI stresses that macroeconomic credibility not just enforcement will determine long-term success.