In a compelling address at the Graphic Business and Stanbic Bank breakfast meeting in Accra, the Governor of the Bank of Ghana, Dr. Johnson Asiama, appealed to Ghanaian businesses to make a decisive shift—start reinvesting foreign exchange proceeds locally and anchor their operations firmly in the cedi.
Dr. Asiama reminded the private sector that macroeconomic stability is not a goal that can be achieved by central bank policies alone. Rather, he emphasised that it must be “embedded in how businesses operate, how businesses plan, and how they engage the financial system”. In his view, each transaction made in cedis helps retain value within the country and strengthens the nation’s economic foundation.
This call to action comes at a pivotal time. Despite the resilience the cedi has shown—with gains of about 42% year‑to‑date through June 2025—Dr. Asiama cautioned that the currency remains vulnerable to external shocks, such as commodity price swings in gold, cocoa, and oil. In response, he urged businesses to go beyond passive appreciation—they must actively reinvest in domestic enterprises and move away from dollarisation.
The Bank of Ghana is already ramping up measures to reinforce the cedi’s position. Among these are new enforcement mechanisms for legal tender laws aimed at eliminating informal forex pricing. Dr. Asiama made it clear that enforcement in sectors that habitually price in foreign currencies will soon intensify. He stressed that, just as other African nations strictly price in their local currencies, Ghana must do the same.
These efforts are complemented by tangible financial strategies. Last April, the central bank injected $264 million into the forex market to curb volatility and protect the cedi’s value. At the breakfast meeting, Governor Asiama outlined four catalysts for converting forex stability into broader economic gains: retaining forex within Ghana, diversifying exports beyond traditional commodities, enhancing FX market operations, and reaffirming the cedi’s central role.
Exporters, in particular, were encouraged to reinvest earnings domestically, not only for patriotism, but also for profitability and resilience. The Governor emphasised that businesses embracing this model should be rewarded with tailored credit products, FX liquidity facilities, and procurement privileges.
Dr. Asiama also called on citizens to remain alert to counterfeiting activities and report suspicious behavior. He expressed genuine astonishment at the persistence of counterfeit currency in circulation and appealed directly for public cooperation.
Amid these strategic economic appeals, the governor took a moment to celebrate history. He officially invited the nation to mark the 60th anniversary of the cedi on August 8 at the International Conference Centre—an opportunity to reaffirm Ghana’s monetary identity.
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