Cedi@60: Finance Minister Reiterates Call for Exclusive Use of Cedi in Domestic Transactions
Finance Minister, Dr Cassiel Ato Forson, has reiterated the need for the Ghanaian Cedi to be used solely as the legal tender for all transactions in the country, cautioning that the continued use of the US dollar in local trade undermines the nation’s currency and economic sovereignty.
Delivering an address at the Cedi@60 celebration organised by the Bank of Ghana (BoG) on Tuesday, October 28, 2025, Dr Forson emphasised that protecting the Cedi’s value requires collective responsibility from citizens and businesses alike.
“As citizens, we must preserve the sanctity of the Cedi. The pricing of goods and services in dollars will only hurt us. The Cedi is the only currency we have, and not the dollar. The Cedi is our badge of economic independence, and we should keep faith in it,” he stated.
The Minister noted that the Finance Ministry, in collaboration with the BoG, remains committed to maintaining a stable and resilient local currency. “We will stay on course, ensuring that the Cedi remains strong,” he assured.
His comments echo growing concerns by the Central Bank over the increasing trend of unofficial dollarisation in the economy. Earlier this year, BoG Governor, Dr Johnson Pandit Asiama, warned that the widespread use of foreign currencies – particularly the US dollar – in sectors such as real estate, education, and luxury retail was undermining confidence in the Cedi.
“We are still grappling with a deep-rooted culture of dollarisation. Too many businesses continue to price in dollars despite transacting entirely in Ghana,” Dr Asiama lamented.
He further cautioned that such practices contravene Ghana’s legal tender laws and pose risks to monetary stability. “This practice not only violates the law but also erodes confidence in the Cedi,” he stated.
The Cedi@60 commemoration forms part of broader efforts by the Central Bank to promote the use of the local currency and reinforce national pride in Ghana’s monetary identity.
