{"id":41759,"date":"2025-07-28T04:20:11","date_gmt":"2025-07-28T04:20:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/41759\/"},"modified":"2025-07-28T04:20:11","modified_gmt":"2025-07-28T04:20:11","slug":"economist-applauds-bold-move-to-de-dollarise-ghanas-economy","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/41759\/","title":{"rendered":"Economist applauds bold move to de-dollarise Ghana\u2019s economy"},"content":{"rendered":"

\"The <\/a>The BoG warns against dollarisation of government contracts<\/p>\n

Economist Dr. Evans Nunoo has welcomed the government\u2019s decision to award all public sector contracts in Ghanaian cedis. This follows finance minister Dr Cassiel Ato Forson\u2019s announcement that government contracts will no longer be awarded in foreign currencies but exclusively in cedis.<\/p>\n

Speaking to Tutuwaa Danso on StarrToday, Dr Nunoo stated that the move is a deliberate effort to strengthen the Ghanaian cedi and reverse the growing trend of dollarisation in the economy.<\/p>\n

\u201cDollarisation is not something any country outside the U.S. should encourage. I don\u2019t believe that we, as nationals of other countries, would be happy to see our economies dollarized. That\u2019s why maintaining and reinforcing the use of our own currency \u2014 the cedi \u2014 is a step in the right direction,\u201d he remarked.<\/p>\n

Dr Nunoo stated that the cedi is Ghana\u2019s legal tender, and all financial transactions, contracts, and pricing should reflect that reality.<\/p>\n

\u201cThis shouldn\u2019t require a special declaration from the finance minister in Parliament \u2014 it should be the norm. We know and trust the cedi, and our economy should reflect that confidence,\u201d he added.<\/p>\n

He further explained that solidifying exchange rate gains requires a conscious effort to resist dollarisation in all its forms. \u201cA contract denominated in cedis but paid in dollars is just as problematic as one directly denominated in dollars,\u201d he warned. \u201cIf contracts are awarded in cedis, payments must also be made in cedis.\u201d<\/p>\n

Dr Nunoo offered a relatable example: \u201cIf you go to a hotel and they quote a room at $100, even if you\u2019re allowed to pay in cedis using the exchange rate, it\u2019s still better for that room to be priced directly in cedis \u2014 say, 100 cedis. You can\u2019t walk into a hotel in Europe or Asia and expect to pay in Ghana cedis, so why should we be so willing to accept foreign currencies here?\u201d<\/p>\n

He concluded by urging the government to go beyond discouraging the pricing of goods and services in dollars and to actively prohibit the normalisation of foreign currency use in everyday transactions \u2014 particularly in sectors like real estate.<\/p>\n

\u201cThat practice must be strongly discouraged if we truly want to protect and promote the cedi,\u201d he asserted.<\/p>\n

Watch the latest episode of BizTech below:<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"The BoG warns against dollarisation of government contracts Economist Dr. Evans Nunoo has welcomed the government\u2019s decision to…\n","protected":false},"author":2,"featured_media":41760,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-41759","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/41759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=41759"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/41759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/41760"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=41759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=41759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=41759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}