Dr. Johnson Pandit Asiama
Governor of the Bank of Ghana, (BoG), Dr. Johnson Pandit Asiama, has urged Ghanaians to recommit themselves to ensure that the Cedi continues to serve as a symbol not only of “our past, but of our preparedness for the future” as the country honours the Cedi’s 60-year journey.
“Let us remember, a currency does not stand strong because it is printed on sturdy paper or minted from polished metal. It stands strong because the people who use it believe in it,” he said.
Speaking at the Cedi@60 anniversary launch in Accra, stated that such a belief is earned through prudent policy, institutional integrity and shared responsibility rather than assumption.
The governor also explained that the cedi is far more than a currency, as it is a trusted store of value, a driver of economic activity, and a daily emblem of collective confidence.
“Whether exchanged in bustling markets, disbursed as salaries, or saved for future dreams, the Cedi stands as a lasting symbol of our journey and our unyielding commitment to shape our own destiny,” he said.
Reflecting on some recent economic events, Dr. Asiama stated that, Ghana, like many other nations, has had to navigate some of the most complex economic storms in a generation from the lingering effects of the global pandemic, through economic crises, debt exchange, and tightening global financial conditions.
He said the economic fabric of the country was tested with the Cedi depreciating over 50% by becoming the World’s worst performing currency in the world while headline inflation spiraled to 54.1% and food inflation soared to an alarming 59.7% year-on-year in December 2022, distorting household budgets, shrinking incomes, and feeding public anxiety.
The Governor added that such gains are not merely accident but as a 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.”
“And so today, as we celebrate 60 years of the Cedi, we do so not out of nostalgia, but from a place of hard-won stability and cautious optimism,” he said.
He, however, stated that despite the successes chalked, the work of central bank has been more complex especially in environment that is radically different with global markets moving in milliseconds.
Dr. Asaima further noted that the Bank of Ghana has also modernised its supervisory processes, strengthened foreign exchange operations, enhanced payments infrastructure, and deepened its commitment to monetary policy issues.
According to the Governor, over the next 12 months, the Central Bank will embark on a nationwide and inclusive programme of activities, including Currency exhibitions that tell the story of Ghana’s monetary journey, from pounds to pesewas, from coins to QR codes.
It will also hold Public lectures and school tours to engage students, professionals, and communities on the importance of monetary sovereignty, diaspora engagements, highlighting the role of remittances and international trust in supporting the Cedi’s strength.
By Ebenezer K. Amponsah