The article examines the use of foreign currency in Ghana's economy and whether it shows currency substitution. The researchers analyzed data from 1960 to 2013 using a model that considers factors like income, interest rates, and exchange rates. They found that while there is no clear evidence of currency substitution, foreign interest rates and exchange rates do affect domestic money demand. This suggests that people in Ghana use both local and foreign currencies for transactions, even though the local currency is still the official one. The study highlights the importance of monitoring foreign interest rates and exchange rates for economic policies in Ghana.