Economist Dr. Adu Owusu Sarkodie has urged the Bank of Ghana (BoG) to adopt a less punitive approach to its de-dollarisation strategy. He has appealed for enhanced public and business sensitisation.
Speaking on PM Express Business Edition, Dr. Sarkodie cautioned that aggressive enforcement may alienate businesses and the general public, potentially undermining the very policy the central bank is striving to establish.
Instead, he called for a more persuasive and educational strategy that helps stakeholders appreciate the benefits of reducing the economy’s over-reliance on foreign currency.
“We need to shift the narrative from punitive enforcement to informed engagement,” Dr. Sarkodie remarked. “By deepening sensitisation efforts, businesses will better understand the rationale behind de-dollarisation and are more likely to support it”, he said.
He emphasized the importance of public support in the economic transition, urging Ghanaians to back the Bank of Ghana’s directives.
This, Dr. Sarkodie believes, will not only foster a more resilient domestic currency but also engender greater trust within the monetary system.
His comments come amid intensified efforts by the Bank of Ghana to clamp down on dollarisation.
In mid-July, Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama announced a stepped-up enforcement of legal-tender laws targeting sectors where pricing in foreign currencies have become normalized and encouraged businesses to invoice in cedis, reinvest locally, and deepen the monetary ecosystem’s strength.