The Bank of Ghana has stated that it will soon intensify efforts to curb the dollarization of the economy, as it seeks to safeguard the recent gains made by the local currency and reinforce confidence in the Cedi.

The Governor, Dr. Johnson Asiama, said the central bank remains concerned about the growing trend of businesses pricing goods and services in U.S. dollars, describing it as a key risk to ongoing efforts to stabilise the currency and support macroeconomic resilience.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on Tuesday, July 15, Dr. Johnson Asiama warned that the practice continues to undermine public trust in the Cedi, even as the currency shows signs of sustained appreciation.

“We must actively protect the Cedi’s role in the local economy. In other words, we must support Cedi dominance and de-dollarisation.

“This involves enforcing our legal tender laws, and this will be stepped up by us very soon, especially in sectors where FX pricing has become normalised. That should not be normality at all,” he stated.

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