Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has expressed strong concerns about the persistent use of foreign currencies, particularly the US dollar, in domestic transactions, warning that the practice threatens Ghana's monetary stability. Speaking during the Graphic Business Breakfast Meeting held in Accra on Tuesday, July 15, Dr Asiama said Ghana continues to struggle with what he termed a "deep-rooted culture of dollarisation," especially in critical sectors like real estate, private education, and luxury retail."We are still grappling with a deep-rooted culture of dollarisation.
Too many businesses continue to price in dollars in real estate, education, and luxury retail despite transacting entirely in Ghana," he said.
According to the central bank governor, this growing trend not only violates existing legal tender laws but also weakens public trust in the local currency. "This practice not only violates the legal tender laws but also erodes confidence in the Cedi," Dr Asiama cautioned.
He also raised alarm over a disturbing pattern where foreign exchange inflows are not being reinvested into the local economy.Read Also: BoG Warns the Public Against 10 Unlicensed Money Transfer Companies "Even more concerning, colleagues, is the mixed match between forex inflows and domestic reinvestment.
