Cedi@60: BoG Governor Hails Currency’s Resilience, Pledges Stronger Policy Transparency and Digital Innovation
Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has reaffirmed the Central Bank’s commitment to sustaining price stability, safeguarding monetary credibility, and positioning the Cedi as a “future-ready” currency amid ongoing global economic uncertainties.
Delivering his remarks at the national launch of the Cedi@60 anniversary in Accra on Tuesday, October 28, Dr. Asiama described the milestone as a moment of national reflection on Ghana’s six-decade journey of monetary sovereignty, policy reform, and economic resilience.
He noted that the celebration, themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability and Economic Resilience,” represents more than a commemoration, but a renewed call for public engagement, fiscal discipline, and confidence in Ghana’s local currency.
“This is not a policy event. It is a moment for Ghana to pause and reflect, not just on what we have built, but on what we must now protect and advance,” he remarked. “When we celebrate the Cedi, we celebrate our journey toward economic self-reliance and national confidence.”
Cedi Rebounds as Inflation Falls to Single Digits
Highlighting Ghana’s economic turnaround, Dr. Asiama disclosed that the Cedi has appreciated by 37.4% year-to-date as of October 17, 2025, making it Sub-Saharan Africa’s best-performing currency in the first eight months of the year, according to the World Bank.
He further revealed that headline inflation has declined sharply to 9.4% as of September 2025, returning to the BoG’s medium-term target band of 8±2 percent for the first time in four years.
At the same time, Ghana’s gross international reserves stood at US$10.7 billion as of August 2025, providing a robust cushion against external shocks and restoring investor confidence.
“These gains are not by accident,” the Governor stressed. “They are the result of hard, sometimes unpopular, but principled decisions — fiscal consolidation by government, a tight monetary policy stance by the Bank of Ghana, and renewed confidence from the investor community and the Ghanaian public.”
Dr. Asiama attributed the Cedi’s renewed strength to coordinated economic management under President John Dramani Mahama, adding that the central bank remains committed to maintaining macroeconomic stability.
“We are not yet where we want to be, but we are no longer where we were,” he noted, underscoring the central bank’s resolve to consolidate recent gains.
Complexities of Modern Central Banking
The BoG Governor cautioned that modern central banking has become increasingly complex, shaped by geopolitical risks, digital disruption, fiscal pressures, and information speed, all of which demand greater agility and coordination.
“In decades past, monetary authorities operated in a world with slower information flows and fewer external shocks,” he said. “Today, global markets move in milliseconds, and domestic economies are influenced by global capital, climate disruptions, and technology.”
He emphasised that maintaining central bank independence amid rising public debt and fiscal stress remains critical, warning that excessive deficit monetisation could undermine monetary policy autonomy.
“Restoring and preserving fiscal discipline is not just a government priority; it is a monetary safeguard,” Dr. Asiama stated.
Digital Transformation and the Future of the Cedi
On digital finance, Dr. Asiama reiterated BoG’s proactive approach in embracing innovation while maintaining regulatory oversight. He highlighted Ghana’s leadership in piloting a Central Bank Digital Currency (CBDC) — the eCedi — as part of efforts to ensure the Cedi’s continued relevance in an increasingly digital economy.
“We were among the first central banks in Africa to pilot a Central Bank Digital Currency designed to ensure that our currency remains relevant, secure, and accessible,” he said.
The Governor further announced the upcoming rollout of a comprehensive regulatory framework for Virtual Asset Service Providers (VASPs) and the expansion of BoG’s regulatory sandbox to allow fintech firms and financial institutions to test new digital products safely under central bank supervision.
According to Dr. Asiama, these initiatives are intended to deepen financial inclusion, enhance payment system efficiency, and position Ghana as a regional leader in digital asset governance.
However, he cautioned that “technology alone is not enough,” noting that public trust and transparent communication remain at the heart of monetary credibility.
Transparency, Collaboration and Policy Credibility
Dr. Asiama said the Bank has undergone a “quiet transformation” in recent months, focusing on modernising supervisory processes, enhancing foreign exchange operations, and deepening communication transparency.
“In an age of real-time news and speculative sentiment, how we communicate is as vital as what we do,” he explained. “Transparency, predictability, and openness must be embedded in our policymaking.”
He reaffirmed the BoG’s growing collaboration with fiscal authorities, regulators, academia, and private sector stakeholders, stating that monetary stability cannot be achieved in isolation.
“Monetary credibility requires fiscal responsibility, public understanding, and private sector alignment,” he added.
Cedi@60 Activities and National Engagement
As part of the Cedi@60 celebrations, the BoG will roll out a year-long programme of educational and cultural activities aimed at rekindling public trust in the Cedi and enhancing monetary literacy.
The activities will include currency exhibitions, public lectures, school and community engagements, diaspora outreach, and legacy publications documenting Ghana’s currency evolution from the Ghanaian Pound to the modern Cedi.
“These activities are designed for all age groups—from schoolchildren learning to count with pesewa coins, to fintech entrepreneurs coding the next generation of e-wallets,” the Governor said, urging every Ghanaian to take part.
A Symbol of National Belief and Economic Identity
Reflecting on the currency’s symbolic role, Dr. Asiama described the Cedi as “more than a medium of exchange,” but a reflection of Ghana’s journey toward self-determination and confidence in its own economic destiny.
“A currency does not stand strong because it is printed on sturdy paper or minted from polished metal,” he remarked. “It stands strong because the people who use it believe in it. That belief is earned daily through prudent policy, institutional integrity, and shared responsibility.”
He concluded by expressing gratitude to past and present staff of the Bank of Ghana, government partners, and the Ghanaian people, whose continued trust gives the Cedi its strength.
“Long live the Cedi. Long live the Republic of Ghana,” Dr. Asiama declared.
Analysis: Rebuilding Confidence, Strengthening Sovereignty
The Cedi@60 commemoration comes at a critical juncture for Ghana’s economy, as the country seeks to consolidate post-crisis gains and sustain policy credibility.
Dr. Asiama’s speech balanced celebration with caution, acknowledging past volatility while projecting renewed stability. His emphasis on fiscal discipline, digital transformation, and transparency mirrors the central bank’s strategy to anchor expectations and reinforce public confidence in monetary policy.
The year-long celebration also doubles as a strategic public education initiative, one that seeks to deepen financial literacy and rally national sentiment around the Cedi — a move analysts view as timely amid persistent dollarisation and currency substitution pressures.
Ultimately, Cedi@60 is both a celebration of endurance and a forward-looking call to protect the gains achieved through hard-won reforms. As the Governor affirmed, the strength of the Cedi will depend not only on the Bank’s policies but on the collective belief of Ghanaians in their own currency.
