Africa-Press – Ghana. President John Dramani Mahama on Tuesday lauded Dr Johnson Pandit Kwesi Asiama, the Governor of the Bank of Ghana for the prudent management of the Cedi.
He further hailed the Central Bank and the Finance Ministry for the improved performance of the Cedi against other major international currencies.
President Mahama gave the commendation in his remarks at the Cedi@60 Anniversary Currency Conference in Accra.
He noted that over the past 10 months, Ghanaians had been quoting prices of goods and services in Cedis, which was attributable to the strong performance of the Cedi against other major international currencies such as the dollar.
“A relative of mine was going to buy a car and asked for an invoice from one of the car dealers. And when the invoice came, he showed it to me. And I was surprised to note that the invoice was quoted in Cedis, no dollars.” President Mahama stated.
“A few years ago, if you remember, if you’re going to buy a car, the invoice they’ll give you is quoted in dollars. Today, people are quoting in Cedis, even house rents. You want to pay in dollars, he says, no, you pay in Cedis.”
The President on behalf of Ghanaians expressed gratitude to the Central Bank and the Finance Ministry for the prudent management of the currency.
“I think that a lot of respect has returned to our currency,” he said.
“And it’s my hope that you keep whatever you’re doing to make sure that we don’t have excess liquidity, all those which we have been able to do and people have open market operations, whatever those your technical jargons are, whatever you’re doing, continue doing so that the Cedi is respected.”
President Mahama said Ghana’s sovereign rating by S&P was upgraded recently from CCC plus stroke C to B minus/B with a stable outlook.
“This is an affirmation that our fundamentals are strengthening and that we’re on a clear path of recovery,” the President said.
He reiterated that these gains must be protected, consolidated, and expanded through policy discipline and institutional coherence.
He said a core principle of effective economic management was an independent, credible, and professionally insulated central bank.
The President unequivocally stated that the Government was firmly committed to safeguarding the independence of the Bank of Ghana.
“A strong and autonomous Central Bank is essential for anchoring inflation expectations, for maintaining exchange rate stability, for enhancing investor and market confidence, and ensuring long-term policy credibility.”
He said that was not a matter of personal preference; adding that it was an economic necessity.
President Mahama said a modern currency regime required not only strong institutions, but also an informed and responsible public.
He urged the Bank of Ghana to strengthen nationwide public education in three critical areas.
First, the promotion of the use of the Cedi in all domestic transactions; using the national currency strengthens economic stability and reduces unnecessary exposure to exchange rate volatility.
Second is improving currency handling practices. Poor handling practices increase printing costs, shorten the life of the currency notes in circulation, and undermine currency integrity, the President said.
“We must promote respect, proper storage, and responsible use of the Ghanaian Cedi. And the third is enhancing financial literacy.”
He said an informed citizenry was better able to prevent fraud, demand accountability, and bolster the financial ecosystem.
“So public education must extend to schools, to the markets, to transport unions, to digital platforms, and especially to rural communities,” he said.
He underscored that the 60th anniversary of the Cedi was of deep national and policy relevance.
Dr Johnson Pandit Kwesi Asiamah, the Governor of the Bank of Ghana, appealed to Ghanaians to see the protection and stability of the cedi as a collective responsibility.
He noted that no single institution could safeguard the currency alone.
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