BoG to Use Cedi@60 Celebration to Curb Dollarisation, Promote National Pride
The Head of Communications at the Bank of Ghana (BoG), Mr. Bernard Otabil, has stated that the upcoming Cedi@60 celebration will not only commemorate Ghana’s currency but also serve as a platform to promote national pride and address the growing challenge of dollarisation in the economy.
Speaking in an interview on Monday, October 27, ahead of the official launch scheduled for Tuesday, October 28, Mr. Otabil said the anniversary is designed to remind Ghanaians of the cedi’s role as the country’s sole legal tender.
“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 remarked.
According to him, one of the key objectives of the celebration is to encourage individuals and businesses to transact in cedis, a move he said 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 explained.
Mr. Otabil noted that the constant public discourse on exchange rates often 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,” he stated.
“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.”
The BoG’s communications head added that the Cedi@60 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,” Mr. Otabil concluded.
