Cedi Can Rival Global Currencies if Ghanaians Restore Confidence in it – BoG Governor Says
Governor of the Bank of Ghana, Dr Johnson Asiama, has stated that the Ghanaian cedi has the potential to rival any global currency, provided Ghanaians commit to restoring trust and value in the local unit.
“You don’t need to hold the dollar. The cedi can be as good as any currency. It all depends on what we collectively do with it,” Dr Asiama said.
He made the remarks at the ABSA-UPSA Quarterly Banking Roundtable held in Accra, where he stressed the critical role of public confidence in determining the long-term strength and stability of the cedi.
Dr Asiama expressed concern over the increasing preference for foreign currencies in domestic transactions, describing it as a more potent threat to the cedi’s legitimacy than macroeconomic variables such as inflation or external shocks.
“Informal dollarisation, such as paying school fees or making high-value purchases in dollars, is eroding the cedi’s value and undermining our monetary sovereignty,” he warned.
60 Years of the Cedi
Reflecting on the historical importance of the cedi, Dr Asiama noted that Ghana will commemorate the 60th anniversary of the currency’s introduction on August 8, 2025.
“The cedi was not merely a currency change; it was a declaration that Ghana would no longer outsource its monetary destiny,” he said, referencing the legacy of Ghana’s first president, Dr Kwame Nkrumah, who introduced the cedi in 1965 as a symbol of economic independence.
As part of the diamond jubilee celebration, President John Mahama is expected to launch a six-month national campaign at the Accra International Conference Centre. The initiative aims to highlight the evolution of the cedi and rekindle national pride and confidence in its value amid ongoing economic reforms.
“We want to make a bold statement that day,” Dr Asiama said. “That as a people, if 60 years ago the first president of Ghana decided to take our history and our affairs into our own hands, 60 years down the road, we should be doing the same.”
The campaign will underscore the importance of national currency ownership in fostering economic resilience, with calls for all Ghanaians to reduce reliance on foreign currencies and recommit to the use of the cedi in everyday transactions.
