Businesses in Ghana are being encouraged to use the cedi, which is our local money, for their transactions. This is important because it helps keep the cedi strong and stable. When more people use the cedi, it builds trust in our currency and helps protect our foreign money reserves.
The Bank of Ghana, which is in charge of our money, believes that using the cedi more often will help everyone feel more confident about it. Dr. Johnson Asiama, the Governor of the Bank of Ghana, spoke at the 9th Ghana CEO Summit. He told business leaders that they have a big role to play in making sure the cedi stays strong for a long time.
Dr. Asiama reminded everyone that the cedi is the only official money in Ghana. He said, “We must make sure that all transactions are done using our local currency.” This means that businesses should stick to using the cedi instead of other currencies.
Dr. Asiama also shared that the Central Bank is teaming up with the Finance Ministry to change how they handle money. They want to move from short-term loans to longer-term funding that is more stable.
He mentioned that they are working with the Ministry of Finance, SIGA, and the Ghana Stock Exchange to bring back Ghana’s local capital market as our economy gets better. This is a big step towards making sure our money system is strong.
Another important topic Dr. Asiama talked about is cryptocurrency. He pointed out that many adults in Ghana, about 17 percent, already own crypto assets. This includes a lot of young people, tech entrepreneurs, and women-led businesses.
He stressed that we need to have rules for cryptocurrency activities in Ghana. Without these rules, it could be risky for everyone involved. Dr. Asiama believes that it’s important to fill the gaps in regulations that have been around for a while.
In summary, using the cedi, working together for a stronger economy, and having rules for cryptocurrency are all important steps for Ghana’s future!