Dr. Johnson Asiama
The Governor of the Financial institution of Ghana (BoG) Dr. Johnson Asiama has categorically said that the greenback is just not a authorized tender in Ghana that can be utilized to pay for items and providers.
He identified that companies and people can reject the greenback when used as a medium of cost within the nation.
“Let me say that the greenback is just not authorized tender. It can not go in all places the cedi goes. The greenback is just not a authorized tender in Ghana. What it means is when you pay me in {dollars} for service or one thing I promote to you, I’ve each the correct to say no, I cannot settle for it,” he mentioned on the ABSA-UPSA Quarterly Banking Roundtable.
Interesting to the general public to help the central financial institution in its efforts to stabilize the cedi for the long run, Dr. Asiama urged companies to reject {dollars} and slightly demand the cedi for cost of products and providers.
He added that accepting the cedi as the one forex for cost is just not solely authorized, however a civil accountability that can develop the economic system to stimulate development and improvement.
“Consciously, we should be capable to defend the cedi. We should be capable to guarantee that it is the solely kind for transacting on this nation. Authorized tender in its easiest kind refers to cash that have to be accepted if provided in cost of a debt”, he mentioned.
He cautioned that despite the fact that a couple of speculators might need to pursue egocentric curiosity, anticipating volatilities, the general using theme have to be targeted on collective achieve of the economic system.
“Any try to displace the cedi in peculiar business transactions whether or not by way of necessary greenback invoicing, preferential pricing in international forex, or casual forex substitution, is just not solely economically distorting, but additionally legally impermissible”, he warned.
Dr. Asiama burdened the necessity for Ghanaians to see the cedi as nationwide asset which have to be protected used within the rightful cash for its meant function.
This, he mentioned underscores the satisfaction and integrity within the forex.
It challenges the very cloth of financial sovereignty. So the authorized tender standing of the cedi is subsequently not a ceremony, however a ceremonial provision. It’s the cornerstone of macroeconomic governance. It ensures financial coverage choices, rates of interest, and liquidity administration”.
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially symbolize the views or coverage of Multimedia Group Restricted.
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