By: Kenneth Appiah Bani
President John Dramani Mahama has commended the Bank of Ghana (BoG) and the Ministry of Finance for the significant stability and renewed confidence in the Ghanaian Cedi, urging both institutions to sustain the measures that have contributed to the currency’s recent gains.
Speaking at the Cedi at 60 International Currency Conference in Accra on Tuesday, November 18, President Mahama noted that the Cedi has “gained a lot of respect from Ghanaians,” highlighting visible changes in how individuals and businesses now conduct transactions.
According to him, the improved stability of the local currency has led to a shift away from the longstanding preference for quoting prices in dollars a practice that had become common across various sectors, including real estate, automobile sales, and high-end services.
He recounted a recent experience that illustrated the changing trend:
“A relative of mine was going to buy a car and asked for an invoice from one of the car dealers. When the invoice came, he showed it to me, and I was surprised to note that it was quoted in Cedis, not dollars. A few years ago, if you were going to buy a car, the invoice would be in dollars. Today, people are quoting in Cedis even house rents; if you want to pay in dollars, they say pay in Cedis.”
President Mahama applauded the leadership of the Bank of Ghana and the Ministry of Finance for their prudent management of the economy, particularly in curbing excess liquidity and instituting measures that have strengthened the currency.
“I just want to say that the Governor and the team at BoG, the Ministry of Finance Ghanaians are grateful to you for the management of our currency. I think that a lot of respect has returned to our currency, and it is my hope that you will keep doing whatever you are doing to ensure that we don’t have excess liquidity. Whatever you are doing, continue doing so that the Cedi is respected,” he stressed.
Also speaking at the event, the Governor of the Bank of Ghana, Dr. Johnson Asiama, reinforced the message of currency stewardship, urging all Ghanaians to play an active role in safeguarding the value of the Cedi.
He emphasized that protecting the national currency is a shared responsibility, not one reserved for the central bank alone.
“Protecting the Cedi is not the task of any one institution; it is a shared endeavour one that is rooted in our belief in Ghana’s future,” Dr. Asiama stated.
He called on individuals, businesses, and state institutions to adopt practices that support currency stability, including reducing unnecessary dollar-denominated pricing and supporting policies that strengthen Ghana’s economic fundamentals.
The remarks by both President Mahama and the BoG Governor reflect a growing national sentiment of confidence in the local currency, a development welcomed by economists and market watchers.
As Ghana continues its efforts toward economic consolidation, the call for sustained discipline and collective action is expected to shape ongoing public dialogue on monetary management and national financial stability.
The Cedi at 60 Conference, which celebrates six decades of the local currency, brought together policymakers, financial experts, and industry players to reflect on the Cedi’s past performance and explore strategies for its future resilience.
