Ghana’s currency, the Cedi, has regained respect both locally and internationally, according to President John Dramani Mahama.
Speaking at the International Currency Conference in commemoration of Cedi@60 organised by Currency Research and the Bank of Ghana in Accra, President Mahama praised the management of the currency, saying it has brought stability and confidence to the economy.
“The governor and all your team at the BoG ,and the Ministry of Finance, Ghanaians are grateful to you for the management of our currency,” President Mahama said. He emphasized the renewed confidence in the Cedi, saying, “I think that a lot of respect has returned to our currency.”
The Cedi@60 celebration marks six decades since Ghana introduced its national currency, replacing the Ghanaian Pound in 1965. The event was themed “Sovereignty, Stability, and Economic Resilience,” highlighting the country’s pursuit of economic stability and independence.
Consequently, the Bank of Ghana Governor, Dr. Johnson Asiama, speaking at the event said, the central bank will intensify efforts to re-anchor the Cedi as the primary medium of exchange in the country. He emphasized the need to address currency substitution and dollarization, which threaten Ghana’s economic sovereignty.
“The Bank of Ghana is committed to maintaining currency stability and promoting the use of the Cedi in domestic transactions,” Dr. Asiama said. He added that protecting the Cedi is a collective national responsibility, requiring the efforts of every Ghanaian.
“Protecting the Cedi goes beyond monetary policy and regulatory efforts, extending to the everyday actions and attitudes of citizens, businesses, and institutions,” Dr. Asiama said. He urged Ghanaians to hold the Cedi with confidence and pride, saying it is a symbol of national sovereignty and stability.
The Cedi has shown significant improvement in recent times, appreciating by nearly 35% against major currencies this year. The Bank of Ghana has implemented various measures to strengthen the Cedi, including monetary policy interventions and efforts to increase foreign exchange inflows.
The Currency Conference provided a platform for stakeholders to discuss the future of the Ghanaian Cedi and its role in the country’s economic development.
Experts shared insights on the Cedi’s performance and prospects, highlighting the need for continued efforts to promote economic stability and growth.
By Adnan Adams Mohammed
