The Bank of Ghana (BoG) has officially launched the Cedi@60 anniversary, marking six decades since the introduction of Ghana’s national currency and reaffirming its commitment to price stability, fiscal discipline, and financial innovation.
Speaking at the high profile ceremony in Accra, Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, pointed to the evolving role of central banking, the lessons from recent economic turbulence, and the importance of fiscal responsibility as the foundation of sustainable monetary stability.
Dr. Asiama said that while central banks globally were navigating unprecedented complexity, driven by geopolitical uncertainty, rapid information flows, and digital transformation, the expectations placed upon them have only intensified.
“Global markets move in milliseconds, and domestic economies are influenced by cross-border forces like never before. Amidst this volatility, the expectations on central banks have only grown,” he noted.
“We are called upon to maintain price stability and currency integrity while also guiding economies through debt pressures, managing digital disruption, and supporting inclusive growth. Our mandate remains constant, but the terrain we navigate shifts beneath our feet.”
The Governor cautioned that fiscal stress remains one of the most significant threats to monetary policy autonomy, warning that persistently high debt levels could undermine central bank independence.
“Restoring and preserving fiscal discipline is not merely a government priority; it is a monetary safeguard. When fiscal imbalances persist, the pressure to monetise deficits becomes real, and with it, the danger of inflationary drift,” he stressed.
Digital transformation and credibility
Dr. Asiama also highlighted the Bank’s proactive approach to managing the opportunities and risks of the digital economy. He pointed to the eCedi pilot, Ghana’s pioneering Central Bank Digital Currency (CBDC), as evidence of the Bank’s determination to keep the national currency relevant in an increasingly digital world.
He explained that his outfit had further strengthened its commitment to responsible innovation through a regulatory sandbox that allows fintech firms to test new products under supervision, while a new framework for Virtual Asset Service Providers (VASPs) is being finalised to ensure the safe governance of crypto and digital assets.
However, the Governor cautioned that technological advancement alone could not sustain monetary stability.
“What sets a credible central bank apart is not just its tools, but its trustworthiness. In an era of instant news and speculative sentiment, transparency, predictability, and openness must define our policymaking. When citizens understand not just our actions but our rationale, uncertainty gives way to confidence—and confidence is the anchor of monetary stability,” he said.
Economic recovery and fiscal coordination
Dr. Asiama further reflected on Ghana’s recent economic turbulence, acknowledging that 2022 represented one of the most difficult years in the country’s financial history. During that period, the Cedi depreciated by over 50 percent and inflation surged to 54.1 percent, making it the world’s worst-performing currency, according to Bloomberg.
Cedi@60 celebration
The Cedi@60 anniversary, according to Dr. Asiama, is not merely a ceremonial milestone but a call to protect and build upon Ghana’s economic achievements.
Over the next 12 months, BoG will lead a nationwide programme celebrating the Cedi’s evolution and educating the public on the importance of financial integrity and innovation.
Activities will include currency exhibitions chronicling Ghana’s journey from the pound to the pesewa, public lectures, school outreach initiatives, diaspora engagements, and publications to promote financial literacy.
“These activities are designed to engage all Ghanaians from schoolchildren learning about money to fintech innovators coding the next generation of payment systems. The story of the Cedi is the story of us all,” Dr. Asiama explained. He renewed pledge to strengthen the Cedi’s resilience in the years ahead saying “our goal is to position the Cedi as a future-ready currency, secure in value, smart in function, and sovereign in spirit,” he said.
