GAB CEO Urge Ghanaians to Prioritise Use of Cedi
Chief Executive Officer of the Ghana Association of Banks (GAB), John Awuah, has underscored the need for Ghanaians to prioritise the use of the cedi in all domestic transactions to strengthen the local currency and the economy.
According to him, Ghana should reach a point where the cedi becomes the sole medium of exchange, citing an experience in South Africa where he was compelled to transact strictly in rand, as businesses there refused to accept the US dollar.
“We should get to the point where we use the cedi only. When I visited South Africa, I was forced to use the rand because the dollar was not accepted anywhere for purchases,” Mr Awuah said.
His comments come ahead of the official launch of the Cedi@60 commemoration, an initiative by the Bank of Ghana (BoG) to celebrate six decades of the national currency while promoting its exclusive use in the economy.
Meanwhile, Bernard Otabil, Head of Communications at the BoG, speaking in an interview on Monday, October 27, 2025, explained that the Cedi@60 celebration is not merely to mark the currency’s anniversary but also to instil a sense of national pride and tackle the increasing trend of dollarisation.
“The celebration is not just to celebrate a currency but to celebrate our heritage. It is to put it out there that the cedi is the pride of the nation. It is the only legal tender that we have, and it is something worth celebrating for the simple reason that beyond the cedi, there is no other currency in Ghana,” he stated.
Mr Otabil noted that one of the key objectives of the commemoration is to encourage individuals and businesses to transact in cedis, a measure that would enhance monetary policy transmission and overall economic stability.
“We also want to use the occasion to address the issue of dollarisation. Monetary policy is much more effective if indeed we are all pricing in cedis,” he said.
He further observed that the constant focus on the cedi’s exchange rate in public discourse fuels speculation and undermines confidence in the local currency.
“You wake up every morning, and the debate on the radio is about the cedi and the dollar. The exchange rate will definitely move; it will go up and come down—it will not be static forever. Why should that debate even be going on? Are we playing into the hands of speculators? These are some of the issues we want to use the celebration to address,” he added.
Mr Otabil disclosed that the official launch will mark the beginning of a series of activities planned for 2026, aimed at reinforcing public confidence in the cedi and deepening awareness of its significance in national development.
“Beyond that, the launch is just to usher in a series of activities that we’ve planned for next year,” he concluded.
