Vice President of Ghana, Jane Naana Opoku Agyemang, has issued a clarion call for fiscal discipline and sound economic management to sustain the gains made in stabilising the Ghanaian currency, the Cedi.
Speaking at the official launch of the Cedi@60 anniversary celebration in Accra, the Vice President said Ghana can no longer afford policies that mortgage the future for short-term gains.
“Government must lead by example and permit real fiscal discipline. No more reckless borrowing or citing deficits that pass today’s problems to tomorrow’s generations,” she cautioned, adding that “every loan must be tied to a return, and every cedi spent must yield corresponding value.”
The Vice President reflected on the historical journey of the Cedi, introduced in July 1965 to replace the British pound, shillings and pence, as a key milestone in Ghana’s assertion of economic independence.
“The Cedi sent a signal that our history did not begin with colonization and that sovereignty may be found in our ability to express value and transact on our own terms,” she said.
Highlighting Ghana’s economic recovery, the Vice President noted that after years of volatility, the Cedi had rebounded strongly.
“According to Bloomberg, the government’s brand of the worst-performing currency in the world in 2022 became in 2025 the best-performing currency in the world,” she announced.
Inflation, she added, had dropped from 54.1 percent to 13.7 percent, while gross reserves had risen to over 12 billion U.S. dollars, with evidence of “confidence returning to the market.”
The Vice President stressed that maintaining trust in the currency required “sound decisions, transparent actions and accountable policies.”
She underscored the need to protect the independence of the Bank of Ghana and uphold the legal tender status of the Cedi, noting that “too many goods and services are supported in foreign currencies.”
The Vice President also lauded the Bank of Ghana and the Ministry of Finance for restoring market confidence through tight monetary policies and innovation, including the development of the e-Cedi, a digital version of the national currency.
Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, in his welcome address called on Ghanaians to see the 60th anniversary of the Cedi as more than a celebration of longevity, describing it as a “national journey of rediscovery” that connects citizens to the heart of Ghana’s economic identity.
Dr. Asiama said the milestone reflects not only the evolution of the nation’s currency but also the resilience and determination of the Ghanaian people.
“When we celebrate the Cedi, we celebrate our journey toward economic self-reliance and national confidence,” he declared.
Dr. Asiama recounted that in July 1965, Ghana took a bold step by replacing the British pound with its own national currency the Cedi as a symbol of independence and the country’s ability to “define and defend its own monetary destiny.”
Since then, he noted, the Cedi has undergone several reforms, including the 1967 redenomination and the 2007 revaluation, each reflecting Ghana’s innovation, resilience, and commitment to modern financial systems.
Reflecting on recent economic challenges, the Governor acknowledged that the Cedi faced severe pressures in 2022, depreciating by over 50 percent and driving inflation above 54 percent. However, he said strong policy coordination between the government and the Bank of Ghana had led to a remarkable turnaround.
“Today, headline inflation stands at 9.4 percent, the Cedi has appreciated by 37 percent, and our gross reserves have reached 12 billion dollars,” he revealed, describing the recovery as the result of “hard, sometimes unpopular, but principled decisions.”
Dr. Asiama announced a year-long national engagement under the Cedi@60 initiative including exhibitions, lectures, and outreach programmes to educate citizens on the history and significance of the national currency.
“The story of the Cedi,” he concluded, “is the story of Ghana — a story of resilience, innovation, and shared destiny.”
Minister for Finance, Dr. Cassiel Ato Forson, has reaffirmed government’s unwavering commitment to ensuring the stability and strength of the Ghana Cedi while urging Ghanaians to stop the growing practice of pricing goods and services in U.S. dollars.
Dr. Forson described the Cedi as “the pride of our nation and our heritage,” symbolizing Ghana’s sovereignty, stability, and economic resilience since its introduction in 1965.
“The Ghana Cedi remains the only legal tender of our dear Republic. The U.S. dollar is not our currency. The continuous pricing of goods and services in dollars will only hurt us. Let us stop it, and let us stop it now,” he cautioned.
The Finance Minister emphasized that the Cedi has stood the test of time, serving as the country’s primary medium of exchange through cycles of inflation, devaluation, and economic reform. He noted that its endurance is a testament to Ghana’s resilience and determination to maintain economic independence.
Dr. Forson credited the recent relative stability of the Cedi to the government’s commitment to fiscal discipline and sound macroeconomic management. He pledged that the government would “stay the course” to preserve the currency’s strength and protect the gains made so far.
“As managers of the economy, we have remained steadfast in our duty to ensure a strong and stable Cedi,” he said. “But as citizens, we also have a role to play to protect its dignity and preserve its value.”
He urged the public to take pride in the Cedi and view it as a symbol of national identity and progress.
For more news, join The Chronicle Newspaper channel on WhatsApp: https://whatsapp.com/channel/0029VbBSs55E50UqNPvSOm2z
