Cedi@60: BoG moves to rebuild confidence in currency                                           

By Joshua Worlasi AMLANU

The central bank is marking the cedi’s 60th anniversary with a campaign aimed at restoring confidence in a currency that has endured decades of depreciation and inflation pressures, until recent signs of recovery.

The cedi has appreciated by about 21 percent year-to-date, ranking among the best-performing currencies globally. The Bank of Ghana (BoG) attributes this to improved market sentiment, tight monetary policy and greater fiscal discipline under its ongoing reforms.

“This performance underscores the growing credibility of our policy framework and renewed confidence of markets,” said Dr. Johnson Pandit Asiama, Bank of Ghana Governor, during a post-Monetary Policy Committee (MPC) engagement with heads of banks earlier this month.

The ‘Cedi@60’ campaign, launched under the theme ’60 years of the cedi: A symbol of sovereignty, stability and economic resilience’, seeks to rekindle national pride in the local currency while promoting financial literacy and responsible currency handling. The main celebration takes place on October 28 at the Accra International Conference Centre, with President John Dramani Mahama as the guest of honour.

Introduced in 1965 to replace the British pound, the cedi was once a symbol of Ghana’s economic independence. Over time, however, it has undergone several redenominations and reforms as recurring exchange rate pressures and inflation eroded its value.

BoG says the anniversary provides an opportunity to reflect on this history, promote policy literacy and encourage citizens to protect the national currency’s integrity.

As part of the celebrations, the Bank will roll out a Cedi Van Regional Tour – a mobile public education campaign across all regions – to sensitise the public on currency handling, security features and the evolution of Ghana’s banknotes. The initiative ties into the ongoing Clean Note Campaign, which seeks to reduce the circulation of worn or defaced notes and promote a sense of ownership among citizens.

Beyond celebration, the bank is introducing reforms to enhance foreign exchange market transparency and deepen market confidence. Beginning in October 2025, BoG will start foreign exchange intermediation under its Domestic Gold Purchase Programme, with plans of selling up to US$1.15billion during the month through twice-weekly price-competitive auctions. The auctions will be open to all licenced banks – with no conditional allocations – to ensure fairness and transparent access to foreign exchange.

“Monthly auction volumes may be adjusted depending on market conditions, but our objective remains clear – to deepen the interbank FX market, enhance price discovery and smooth volatility,” Dr. Asiama said, adding that all FX operations will be disclosed publicly in line with international best practice.

A highlight of the Cedi@60 celebration will be an international currency conference, bringing together policymakers, central bankers and academics to discuss the future of Ghana’s monetary policy, digital currencies and regional cooperation under the African Continental Free Trade Area (AfCFTA).

Some market observers say this event offers the central bank an opportunity to reinforce its credibility after years of economic shocks and currency weakness.

BoG hopes the campaign and policy actions together will strengthen market trust, enhance transparency and help Ghanaians reconnect with their national currency as a shared symbol of sovereignty and stability.

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