Ghana’s Cedi has become a symbol of Ghana’s economic resilience – President Mahama
According to President John Dramani Mahama, the Ghanaian cedi has “absorbed shocks… and symbolised the resilience of the Ghanaian economy and the Ghanaian people” over its six-decade history, making it a potent symbol of the country’s tenacity and fortitude.
He made this statement yesterday while giving the keynote speech at the Cedi@60 Anniversary Currency Conference, which was held at the Accra International Conference Center and was organized by the Bank of Ghana in collaboration with Currency Research.
The President stated that the 60th anniversary of the cedi is a significant occasion to consider the currency’s development and its place in Ghana’s future rather than just a ceremonial milestone.
The Cedi at 60 is, therefore, more than just a celebration. It is a chance to consider what our currency stands for, how it has developed and how it must be fortified for the years ahead,” he said.
The President claims that the cedi has been crucial in influencing family and corporate expectations, assisting in the formulation of policies, and mirroring the nation’s overall economic development.
He claimed that the currency had withstood regional, national, and international upheavals over the years while continuing to be a vital pillar of Ghana’s financial system.
He clarified that disciplined fiscal consolidation, improved domestic income mobilization, rationalized spending, and improved coordination between fiscal and monetary institutions were the main drivers of these advances. As a result, market expectations have stabilized and inflation has kept falling.
He also mentioned the recent stability of the cedi’s exchange rate, which he attributed to the Bank of Ghana’s regulatory reforms, higher reserve buffers, and better FX liquidity management.
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