Ghana’s currency, the cedi, has staged a dramatic comeback, bouncing from its 2022 lows to become the best performing currency in Sub-Saharan Africa, according to the World Bank.
Announcing the milestone during the national launch of the Cedi@60 Anniversary in Accra, Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, described the turnaround as a story of “resilience, discipline and national renewal.”
“As of November 2022, the cedi had depreciated by over 50 percent and was ranked the world’s worst performing currency.
“But that was not the end of our story. Today, headline inflation has dropped sharply to 9.4 percent and the cedi has appreciated by 37.4 percent year-to-date, making it the best performing currency in Sub-Saharan Africa,” Dr. Asiama said.
He said Ghana had “turned a decisive corner” under President John Dramani Mahama’s leadership, citing fiscal discipline, tight monetary policy and renewed investor confidence as the foundation of the recovery.
Dr. Asiama revealed that Ghana’s gross international reserves now stand at US$10.7 billion, providing a strong buffer against external shocks.
“These gains are not by accident,” he said. “They are the result of hard, sometimes unpopular, but necessary policy actions,” he added.
The Governor emphasised that while the recovery was encouraging, it must be protected through sound fiscal management, policy consistency and public confidence.
“We are not yet where we want to be, but we are no longer where we were. This moment is not just ceremonial – it challenges us to protect what we have achieved,” he stated.
Cedi@60: A Celebration of Sovereignty and Stability
Marking 60 years since Ghana introduced its national currency in 1965 the Governor said the Cedi@60 initiative goes beyond commemoration.
It is a year-long national reflection on the currency’s role in Ghana’s independence story and its future in a rapidly evolving economy.
“Every note and coin tells a story of courage and continuity. The cedi has endured shocks, reforms and redenomination, yet it remains the most visible symbol of our sovereignty and resilience.”
He said the Bank of Ghana had modernised its supervisory systems, improved transparency and strengthened monetary operations to ensure long-term stability.
Embracing the Digital Future
Touching on digital transformation, Dr. Asiama reaffirmed the Bank’s commitment to ensuring that the cedi remains “future-ready” through the rollout of innovations like the eCedi, Ghana’s Central Bank Digital Currency.
“We were among the first central banks in Africa to pilot a digital currency. Our goal is to ensure that the cedi remains secure, smart and sovereign — relevant in a digital economy.”
He added that new regulations for Virtual Asset Service Providers will soon be introduced to safeguard the financial system from emerging digital risks.
The Governor urged Ghanaians to remain committed to building a resilient economy anchored on discipline and trust.
“A currency does not stand strong because it is printed on sturdy paper, but because the people who use it believe in it. That belief is earned daily through integrity, transparency and shared responsibility,” he said.
He concluded by paying tribute to Ghana’s first President, Dr. Kwame Nkrumah, and all former Governors of the Bank of Ghana whose leadership built the foundation of the nation’s monetary sovereignty.
“It is your confidence that gives the cedi its strength. Long live the cedi, long live the Republic of Ghana,”Dr. Asiama said.
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