BoG Governor Declares Economic Turnaround at Cedi@60 Launch

Ghana’s national currency, the Cedi, has reached a significant milestone, 60 years since its introduction, and the Bank of Ghana (BoG) has officially launched a year-long celebration to commemorate the journey of the nation’s monetary evolution.

The grand launch, held in Accra, brought together dignitaries, economists, policymakers, and the media, all eager to reflect on the Cedi’s symbolic and economic importance to Ghana’s national identity.

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, in his keynote address, declared the start of the celebrations with a message of resilience and hope. He emphasized that the Cedi’s story is inseparable from Ghana’s economic history, representing both the country’s struggles and triumphs in achieving economic sovereignty.

“So this morning we gather not only to mark a milestone, but to begin a national journey, a journey of rediscovery, one that reaches into the past to inform our future. Excellencies, the Cedi at 60 initiative is more than a celebration of longevity. This is a year-long, national engagement that will blend public education” Dr. Johnson Pandit Asiama.

Modern Cedi

The Governor recounted the Cedi’s evolution, from its introduction in July 1965, replacing the Ghanaian pound, to the various redenomination and security upgrades that followed. Each phase, he noted, reflected a nation asserting its independence and modernizing its economy.

“Excellencies, 60 years ago, specifically in July 1965, Ghana made a powerful declaration. We said farewell to the Ghanaian pound, and we introduced the Cedi, our very own national currency. In doing so, we were not just changing bank notes, we were affirming that Ghana’s independence must include the ability to define and defend our own monetary destiny.”

The Cedi, he added, has weathered storms — from inflationary pressures and global economic crises to depreciation challenges. Yet, it has remained a lasting emblem of Ghana’s determination to control its economic future.

Turbulent Journey

Dr. Asiama acknowledged that the Cedi’s six-decade journey has not been without turbulence. The Governor cited the 2022 economic downturn, when Ghana faced severe macroeconomic headwinds that tested the very fabric of its economy.

“In November 2022, the Cedi depreciated by over 50%, becoming the world’s worst-performing currency, according to Bloomberg. Headline inflation spiraled to over 54%, and food inflation soared to an alarming 59.7% year-on-year.”

These figures, he explained, were not mere statistics but real experiences that affected ordinary Ghanaians, from rising transport fares to shrinking working capital for small businesses.

“These were not just numbers, as I’m giving—they were experiences that we lived. They meant rising transport fares, shrinking working capital, unaffordable school meals, and sleepless nights for small business owners and salary earners alike.”

From Crisis to Confidence

Despite the challenges, Dr. Asiama highlighted Ghana’s remarkable recovery, noting that the country has turned a “decisive corner” through coordinated and principled economic management under the leadership of President John Dramani Mahama and the Vice President.

“Under the leadership of His Excellency, John Dramani Mahama, and Her Excellency, the Vice President, and through coordinated, difficult but necessary policy action, I’m happy to say that Ghana has turned a decisive corner. And indeed, the evidence is compelling” Dr. Asiama noted.

He revealed that as of October 2025, the Cedi had appreciated by 37%, making it the best-performing currency in Sub-Saharan Africa, according to the World Bank. Additionally, headline inflation has dropped sharply to 9.4%, while gross international reserves stand at $12 billion, providing stability and investor confidence.

“These gains are not by accident. They are the result of hard, sometimes unpopular but principled decisions that we’ve had to take—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.”

“We are not yet where we want to be, Excellencies, but we are no longer where we were, and that is why this moment of Cedi at 60 is not just ceremonial. It is timely. It reminds us of how far we’ve come as a country, and it challenges us to protect what we have gained over the past eight months.”

He urged Ghanaians to view the Cedi@60 initiative not merely as a celebration, but as a national call to preserve economic stability, promote financial literacy, and strengthen the value of the local currency through responsible fiscal behavior and innovation.

The Cedi@60 program is set to unfold over the next 12 months with various national and international activities. These will include currency exhibitions, school outreach programs, public lectures, diaspora engagements, and digital awareness campaigns showcasing Ghana’s rich monetary journey “from pounds to pesewas, and from coins to QR codes.”

“These activities are designed for all age groups, from school children learning to count with personal coins to FinTech entrepreneurs that are coding the next generation of E-wallets.”

The Governor concluded by paying tribute to past BoG governors, staff, and financial sector partners, acknowledging their role in shaping Ghana’s economic stability and resilience.

“To you, the Ghanaian people, we say, thank you for continuing to believe in your central bank and in your currency, because at the end of the day, it is your trust that gives the Cedi its strength,” he said.

As Ghana marks six decades of the Cedi, the BoG’s message is one of cautious optimism — celebrating past achievements while committing to protecting future gains. The Cedi@60 celebration is not just a commemoration of history but a national reminder that economic resilience depends on unity, discipline, and innovation.

“May this celebration renew our shared commitment to a stable, strong, and inclusive economy that works for us all. Long live the Cedi. Long live the Republic of Ghana.”