News Guide Africa

Tag: Cedi@60

  • BoG to enforce cedi as the primary medium of exchange  … as President Mahama expresses hope

    BoG to enforce cedi as the primary medium of exchange  … as President Mahama expresses hope

    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

     

     

     

     

     

     

     

     

     

  • Int’l Currency Conference opens in Accra …as Mahama lauds MoF and BoG for Cedi stability

    Int’l Currency Conference opens in Accra …as Mahama lauds MoF and BoG for Cedi stability

    President John Dramani Mahama has commended the Bank of Ghana (BoG) for its efforts in stabilizing the cedi against other foreign currencies.

     

    He said this feat needs to be acknowledged and commended as it came as a result of hard work and economic prudence by the Bank of Ghana and the Finance Ministry.

     

    The Bank of Ghana has thereby been assured of the government’s commitment to make it independent given the critical role it plays in the stabilization of the economy. The President in his opening remarks described the cedi as indispensable as it symbolizes Ghana’s aspirations in the management of “our own affairs, regulating our markets and standing shoulder to shoulder with other global currencies.

     

    “The cedi@60 has shaped the expectations of households and businesses. It has absorbed shocks, domestic, regional, and global, and symbolize the resilience of Ghana’s economy”, he said at the opening ceremony of the International Currency Conference in Accra on Tuesday, organized by the BoG in collaboration with Currency Research (CR).

     

    Meanwhile, the BoG Governor, Dr. Johnson Pandit Asiama, paid a glowing tribute to the cedi, stating that it has remained central to policy-making for 60 years. He highlighted the cedi’s impact on families, businesses, and communities, and emphasized the need to protect and respect the currency.

     

    Dr. Asiama stressed that the next 60 years would require policymakers to ensure the cedi continues to serve Ghanaians’ aspirations. He also commended President Mahama for his support to the BoG, which has contributed to the cedi’s stability.

     

    The conference provides a platform for experts and policy leaders to discuss the latest trends, challenges, and opportunities in the financial sector.

     

    By Adnan Adams Mohammed

  • Gov’t urged to pursue inflation targeting without hurting economy …amid BoG confidence of further fall in inflation

    Gov’t urged to pursue inflation targeting without hurting economy …amid BoG confidence of further fall in inflation

    The former Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, is urging the government to strike a careful balance between reducing inflation and sustaining economic growth.

    Speaking at the launch of the State of the Ghanaian Economy Report in Accra, Professor Quartey cautioned that while efforts to bring down inflation are crucial for macroeconomic stability, an overly aggressive monetary tightening could have unintended consequences for job creation and business expansion.

    “We must be careful not to pursue lower inflation at the expense of growth and employment. Policies should support price stability, but also create space for businesses to thrive and for the economy to grow sustainably”, he said.

    His comments come after the Governor of the Bank of Ghana, Dr. Johnson Asiama, said inflation is expected to further drop by year end.

    Speaking at the launch of the Cedi@60 celebrations in Accra, he said headline inflation has dropped sharply to 9.4% as of September 2025, down from 23.5% at the start of the year — marking the first return to the central bank’s medium-term target band of 8±2 percent in four years.

    “Headline inflation has dropped sharply to 9.4% as of September 2025, returning to the target range for the first time in four years — and we expect it to end the year even lower,” Dr. Asiama noted.

    He attributed the decline to tight monetary policy, fiscal consolidation, and the cedi’s strong performance, which has appreciated by over 37% against the U.S. dollar this year — making it the best-performing currency in Sub-Saharan Africa, according to the World Bank.

    Dr. Asiama noted that Ghana’s current trajectory reflects a decisive turnaround from late 2022, when inflation surged to over 54%, one of the highest globally at the time.

    “We have turned the corner, but sustaining this progress will require continued discipline and policy coordination. We must protect the gains we have made,” he added.

    The central bank reaffirmed its commitment to maintaining a stable exchange rate, anchoring inflation expectations, and supporting Ghana’s broader economic recovery.

    Professor Quartey acknowledged the central bank’s progress in stabilising prices but emphasised the need for a coordinated fiscal and monetary approach that supports productive sectors of the economy.

    “Inflation management should go hand-in-hand with measures that stimulate investment, enhance productivity, and promote job creation,” he added.

    The State of the Ghanaian Economy Report, an annual publication by ISSER provides comprehensive analysis of key economic indicators, policy developments, and sectoral performance.

    This year’s report highlights Ghana’s steady progress in restoring macroeconomic stability while underscoring the challenges of sustaining inclusive growth amid global and domestic pressures.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Deepen collaboration with stakeholders to maintain cedi stability – Veep to BoG 

    Deepen collaboration with stakeholders to maintain cedi stability – Veep to BoG 

    Vice President Professor Naana Jane Opoku-Agyemang urged the Bank of Ghana to strengthen its collaboration with commercial banks and the business community to maintain stability and confidence in the Ghanaian cedi.

     

    Speaking at the Cedi@60 anniversary launch in Accra, she emphasized that rebuilding trust in the local currency requires a joint effort from the central bank, financial institutions, and the private sector.

     

    However, the Vice President commended the Bank of Ghana for its decisive policy measures, which have helped curb inflation, stabilize the cedi, and restore investor confidence, while stressing the need for fiscal responsibility, urging the Ministry of Finance to uphold strict fiscal discipline.

     

    “The Bank of Ghana must continue to work closely with banks, businesses, and market players to strengthen stability and rebuild confidence in the Cedi,” she said, highlighting the importance of coordinated efforts.

     

    Prof Opoku-Agyemang reiterated the critical role of prudent public spending and debt management in sustaining macroeconomic stability. “Monetary stability can only be effective when supported by sound fiscal policies.”

     

    Consequently, the Bank of Ghana Governor Dr. Johnson Asiama echoed the Vice President’s sentiments, stating that the economy has “turned a decisive corner” with compelling evidence of progress. He cited declining headline inflation and the cedi’s impressive appreciation of 37% as of October 17, 2025, as indicators of the country’s economic stability.

     

    The Governor assured that the Bank of Ghana remains committed to sustaining these gains through prudent policy interventions aimed at maintaining price stability and strengthening confidence in the Ghanaian economy.

     

    By Adnan Adams Mohammed