Bank of Ghana Governor Dr. Johnson Asiama has declared that recent economic shocks tested the nation but did not break it, as Ghana launched year-long celebrations marking 60 years of its national currency at the Accra International Conference Centre on Tuesday.
Speaking at the official launch of the Cedi@60 initiative, Dr. Asiama said the milestone represents not just a ceremonial event but a moment for national reflection and renewed confidence in Ghana’s economic direction. “We are not yet where we want to be, but we are no longer where we were,” the Governor stated, capturing the nation’s journey from crisis to cautious optimism.
He recalled the cedi’s difficult phase in late 2022, when it lost more than half its value and inflation soared to record levels, distorting household budgets, shrinking incomes, and feeding public anxiety across the country. That period saw Ghana’s currency become the worst performing globally according to Bloomberg, a humiliation that forced difficult policy choices and tested the resolve of economic managers.
However, decisive policy coordination between fiscal and monetary authorities has reversed the trend dramatically. Inflation, which stood above 54 percent in December 2022, has now dropped to 9.4 percent as of September 2025, while the cedi has appreciated by 37.4 percent year to date as of October 17, making it the best performing currency in Sub-Saharan Africa according to the World Bank. Ghana’s gross international reserves stood at approximately $10.7 billion as of August 2025, providing a robust cushion against external volatility and restoring investor confidence.
“These gains are not by accident,” Dr. Asiama emphasized. “They are the result of hard, sometimes unpopular, but principled decisions: 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.”
The Governor traced the cedi’s evolution since July 1965, when Ghana issued its first national currency under Dr. Kwame Nkrumah, emphasizing that the move signaled more than a shift in banknotes. It was a declaration of full independence and control over the country’s monetary destiny. “Sixty years ago, Ghana made a powerful statement to the world, that our political independence must be matched with economic independence,” he said.
The transformation over six decades has been remarkable. From coins and banknotes to modern QR code payments, the cedi has evolved through various redenominations, security upgrades, and technological advancements. Each transformation, from the integration of advanced security features and commemorative notes to the use of indigenous symbols and portraits of national heroes, reflects Ghana’s story of resilience, innovation, and pride, Dr. Asiama noted.
The Cedi@60 initiative, themed “Sovereignty, Stability, and Resilience,” will span a year of public education, exhibitions, and dialogues designed to strengthen public confidence and promote financial innovation. Through exhibitions, lectures, community forums, and digital outreach, the programme aims to bring the story of the cedi to every Ghanaian, from urban centers to remote communities.
Activities planned include currency exhibitions tracing Ghana’s monetary journey from pounds to pesewas and coins to QR codes, public lectures and school talks engaging students and professionals, diaspora engagements focusing on remittances and international trust, and legacy publications and educational projects to preserve the currency’s history. The Bank of Ghana has already opened an exhibition showcasing the cedi’s transformation since its first issue in 1965.
Vice President Professor Jane Naana Opoku-Agyemang, who formally launched the celebration, called the currency a living symbol of sovereignty and economic identity. “In 2022, the Ghana cedi was the worst performing currency globally. Today, Bloomberg reports it as the best performing currency in 2025,” she observed, crediting disciplined economic management for the turnaround. She commended both Finance Minister Dr. Cassiel Ato Forson and Governor Asiama for implementing tight monetary policies that have restored stability.
Finance Minister Forson echoed the commitment to sustaining the gains. “For 60 years, through cycles of inflation, devaluation, redenomination, and recovery, the cedi remains the enduring symbol of our national sovereignty,” he said, adding that the government’s commitment to fiscal discipline has strengthened the currency and will be maintained going forward.
However, Dr. Asiama was candid about challenges ahead. He acknowledged that modern central banking has never been more complex or consequential than it is today. In decades past, monetary authorities operated in a world with slower information flows, clearer transmission channels, and fewer external shocks. Today, the environment is radically different, with global markets moving in milliseconds and geopolitical uncertainty crossing borders overnight.
The Governor emphasized that a currency doesn’t stand strong because it’s printed on sturdy paper or minted from polished metal. It stands strong because the people who use it believe in it, and that belief is earned daily through prudent policy, institutional integrity, and shared responsibility. “Whether it’s exchanged in bustling markets, used to pay salaries, or saved for future dreams, the cedi stands as a lasting symbol of our journey and our unyielding commitment to shape our own destiny,” he declared.
The Bank of Ghana paid tribute to pioneers such as Dr. Nkrumah and past governors of the central bank, whose leadership laid the foundation for Ghana’s monetary independence. Dr. Asiama stressed that as the central bank marks 60 years of the cedi, its mandate remains unchanged: to safeguard price stability, preserve financial system resilience, and support long-term inclusive recovery.
“Let me be clear, this is not just another policy event. It is a moment for Ghana to pause and reflect, not on what we have built so far, but on what we must now protect and advance,” the Governor stated. “This anniversary belongs to all of us because when we celebrate the cedi, we celebrate our journey towards economic self-reliance and national confidence.”
The celebration will run throughout the year and culminate in policy forums and national engagements promoting greater trust in the cedi. For the Bank of Ghana, the Cedi@60 initiative represents not just looking back at achievements, but charting the path forward to ensure the currency continues as a symbol not only of Ghana’s past, but of its preparedness for the future.
As Ghana marks this milestone, the message from its economic managers is clear: the storms tested the nation severely, but they revealed resilience rather than weakness. The challenge now is protecting and advancing the gains achieved through difficult decisions, ensuring that 60 years of monetary sovereignty translates into lasting stability and prosperity for generations to come.
