Bank of Ghana (BoG) Governor Dr. Johnson Asiama has stated that the biggest threat to the Ghana cedi’s legitimacy today is not inflation or global economic shocks, but the erosion of public trust.
He explained that the cedi moved from fixed exchange regimes and liberalisation to redenomination and the modern digital economy, saying that “through all these, it has remained a thread that binds our economic story together.”
Speaking at the ABSA-UPSA Quarterly Banking Roundtable on Thursday, July 17, Dr Asiama stated that over the past six decades, the cedi has borne witness to Ghana’s economic highs and lows.
He continued, “Yet the greatest threat to its legitimacy today is not inflation or external shocks. It is the erosion of public trust through informal substitution and informal preference.”
[embedded content]The BoG Governor further stated that the increasing use of foreign currencies for local transactions, such as paying school fees or making high-value purchases, is undermining the cedi, not because it is legally inadequate, but due to growing public preference for alternatives.
“In too many instances, the cedi is bypassed not because it is unfit, but because perception has trumped policy and convenience has trumped sovereignty,” Dr Asiama said.
His remarks come as Ghana prepares to commemorate 60 years since the cedi was introduced by the country’s first president, Dr. Kwame Nkrumah.
The anniversary will be marked with a six-month national campaign, beginning with a formal launch by President John Mahama at the Accra International Conference Centre.
Dr Asiama stated that the cedi remains a powerful symbol of Ghana’s independence and economic identity.
“It was not merely a currency change,” he said. “It was a declaration that Ghana would no longer outsource its monetary destiny.”
The Bank of Ghana’s campaign will feature public engagements, educational outreach, and policy dialogues aimed at strengthening public confidence in the cedi and reinforcing its place in Ghana’s future.
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