President John Mahama (M) flanked by Dr. Johnson Asiama (L) and Dr. Zakari Mumuni
President John Mahama says the Cedi does not serve as a unit of neither account nor a medium of exchange but symbolises the country’s identity and capacity to manage its monetary affairs.
Speaking at the Cedi at 60 Currency International Conference in Accra yesterday, President Mahama stated, “Sixty years ago, Ghana took a bold and sovereign step by introducing the cedi not merely as a unit of account nor a medium of exchange but as a declaration of independence, our identity and the capacity of our State.
“The cedi at 60 is more than a celebration, it is a moment for analysis, it is a chance to consider what our currency stands for, how it has developed, and how it must be fortified for the years ahead”.
According to President Mahama, the world is experiencing the emergence of a hybrid monetary eco-system a new paradigm, where cash electronic payment and digital assets co-exists.
That, he indicated, has tested traditional monitoring policies, making trust in institutions as crucial as technical capacities and placing a significant responsibility on central banks not just as regulators of money but as guardians of trust.
He said the conference provides Ghana and Africa with invaluable platforms for evidenced based dialogue, comparative learning and forward looking policy innovation heightened by Ghana’s notable progress over the past ten months in achieving macroeconomic stability and restoring confidence in the country’s economy and currency.
“Ghana’s gains must be protected, consolidated and expanded through policy discipline and institutional coherence. The core principle of effective economic management is an independent credible and professionally insulated central bank,” he stated.
President Mahama, therefore, urged the Bank of Ghana to strengthen nationwide public education on promoting the use of the cedi in all domestic transactions in order to help strengthen economic stability and reduce unnecessary exposure to exchange rate volatility.
By Ebenezer K. Amponsah