Bank of Ghana Governor Dr. Johnson Asiama says the cedi can be as strong as any global currency if Ghanaians commit to restoring trust and value in it.
“You don’t need to hold the dollar. The cedi can be as good as any currency. It all depends on what we collectively do with it,” he said.
Speaking at the ABSA-UPSA Quarterly Banking Roundtable in Accra, he linked public confidence to the long-term strength of Ghana’s currency, urging Ghanaians to reduce their reliance on foreign currencies like the U.S. dollar.
Dr Asiama warned that informal substitution, such as paying school fees or making high-value purchases in dollars, is weakening the cedi’s legitimacy more than inflation or external shocks.
[embedded content]He noted that on August 8, 2025, the country will mark 60 years since the cedi was introduced by Ghana’s first president, Dr. Kwame Nkrumah, as a bold act of economic self-determination.
“It was not merely a currency change, it was a declaration that Ghana would no longer outsource its monetary destiny,” Dr Asiama said.
President John Mahama is expected to launch a six-month national campaign at the Accra International Conference Centre to commemorate the anniversary.
The initiative will highlight the cedi’s evolution and promote renewed confidence in its value amid ongoing economic reforms.
“We want to make a bold statement that day, that as a people, if 60 years ago, the first president of Ghana decided to take our history, our affairs, into our own hands, 60 years down the road, we should be doing the same and we must all collectively as one, make a bold statement that day,” he said.
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