BY Issah Olegor
President John Dramani Mahama has boldly declared that the Ghanaian cedi has “regained respect”, attributing the currency’s recent stability to the Bank of Ghana (BoG) and the Ministry of Finance. But his remarks, made during the Cedi@60 anniversary event in Accra, have sparked renewed debate over the government’s economic stewardship and the country’s turbulent monetary history.
Speaking at the commemoration themed “Sovereignty, Stability, and Economic Resilience,” President Mahama lauded the central bank’s leadership, insisting that the cedi — long battered by persistent depreciation, inflation pressures, and market uncertainty — is finally earning back public and international confidence.
“I think that a lot of respect has returned to our currency,” he said. “Whatever you are doing, continue doing so, so that the cedi is respected.”
His praise highlighted the BoG’s monetary tools, including open market operations and liquidity controls, but came against a long-term backdrop of fluctuating performance that has deeply affected local businesses, importers, household budgets, and investor sentiment.
A Currency With A Troubled Past
The President’s declaration arrives at a sentimental moment: 60 years since Ghana replaced the Ghanaian Pound with the cedi in 1965.
The introduction of the cedi marked a bold assertion of economic sovereignty after independence, intending to solidify Ghana’s identity and fiscal autonomy.
But over the decades, the cedi has endured repeated cycles of instability — from the economic crises of the 1970s and 1980s, through structural adjustment era turbulence, to more modern struggles driven by high fiscal deficits, weakened reserves, global shocks, and policy inconsistencies.
Many Ghanaians still recall periods of double-digit depreciation in a single year, soaring import costs, and widening gaps between official and parallel market rates.
Even recent years have been marked by severe volatility, with the cedi falling sharply against major trading currencies before modest recoveries sparked cautious optimism.
Earlier at the Cedi@60 Conference, the President went beyond technical analysis, describing the cedi as a “declaration of independence” and a symbol of Ghana’s ability to manage its future.
“Our currency is not nearly a unit of account or a medium of exchange,” he said. “It represents our identity and has anchored monetary policy through domestic, regional, and global shocks.”
The conference highlighted challenges posed by an evolving global financial landscape — especially the rise of digital currencies, cyber risks, and the shift toward digital payments and hybrid monetary systems.
Governor Calls for Shared Responsibility
Bank of Ghana Governor Dr. Johnson Asiama emphasised that currency protection cannot be left to the central bank alone.
“Protecting the cedi is not the task of any one institution,” he stated. “It is a shared endeavour rooted in our belief in the future.”
He stressed that public confidence — from schoolchildren learning currency basics to traders powering the informal sector — plays a decisive role in maintaining stability.
