Cedi @60: Asiama urges Ghanaians to protect currency’s financial sovereignty

Ghana must pause and reflect on its economic progress and the work ahead on the occasion of the cedi’s 6oth anniiversary, Dr. Johnson Asiama, Governor of the Bank of Ghana, has said.

Delivering remarks during the official launch of the anniversary on Tuesday, the Central Bank boss called on Ghanaians to embrace their role in advancing the currency to the next level as the country aspires to be self-reliant.

“As we mark this anniversary, we are reaffirming that Ghana’s independence must include the ability to define and defend our own financial destiny,” Asiama declared, recalling how 60 years ago Ghana replaced the British pound with the Ghanaian cedi as the national currency. “This anniversary belongs to all of us because when we celebrate the cedi, we celebrate our journey towards economic self-reliance and national confidence.”

He described the event not merely as a policy milestone but as a broader moment of national reflection.

“Let me be clear. This is not just a policy event. It is a moment for Ghana to pause and reflect on not just what we have built so far but what we must now protect and advance,” Asiama said.

Background of the cedi
Ghana’s transition from the British pound to the cedi began in July 1965, establishing a uniquely Ghanaian currency and symbol of sovereignty. Over successive decades, the cedi underwent multiple reforms and devaluations, and by 2022-23, it was among the world’s worst-performing currencies.

Recent performance and signs of recovery
In 2025, the cedi has shown a notable rebound. Data show that the USD/GHS rate has fallen by around 30% in favour of the cedi over the past year.

The turnaround has been attributed to tighter monetary policy, fiscal consolidation, improved reserve buffers, and stronger market sentiment.

Ceding sovereignty and future tasks
Dr. Asiama emphasised that the cedi’s value is more than financial; it reflects Ghana’s ability to chart its own economic path. He said the celebrations are as much about “what we must now protect and advance.”

He urged stakeholders to guard the currency’s gains and underpin them with structural reforms.

He further said: “When we celebrate the cedi, we celebrate our journey towards economic self-reliance and national confidence.”

In emphasising protection and advancement, Asiama made clear that vigilance will be required to maintain the gains: “This is a moment to reflect on what we have built so far, but what we must now protect and advance.”

What lies ahead
Experts say the improved performance of the cedi offers a window of opportunity for Ghana to lock in reforms such as stronger fiscal governance, improved export diversification, higher foreign reserves, and enhanced monetary discipline. If these objectives are met, the cedi’s recovery may become more sustainable.

However, there remain concerns that the currency gains can be fragile in emerging markets, especially when external shocks or policy slippages occur.

For Dr. Asiamah, this milestone is more than symbolic; it is a call to collective action to safeguard Ghana’s financial sovereignty and translate currency stability into broader economic strength.