The cedi as more than just a currency.
It symbolizes Ghana’s independence, identity, and the capacity of the state to manage its own monetary affairs.
President John Dramani Mahama has made the remarks at the Cedi @ 60 Conference in Accra on Tuesday, a gathering of policymakers, economists, and industry leaders reflecting on six decades of the national currency.
Speaking at the event, President Mahama emphasized that the cedi represents a declaration of independence and state capacity beyond being a unit of account or medium of exchange.
“Not nearly as a unit of account or a medium of exchange, but as a declaration of independence, our identity, and the capacity of our state,” he stated.
The President noted that the cedi has anchored monetary policy, shaped expectations of households and businesses, and absorbed domestic, regional, and global shocks over the past 60 years.
He stated that the conference comes at a time of rapid change in the global financial landscape, including the rise of central bank digital currencies, digital payment systems, and the coexistence of cash, electronic payments, and digital assets.
President Mahama explained that these developments are testing traditional models of monetary policy and placing new responsibilities on central banks as both regulators of money and guardians of trust.”
The world is witnessing the emergence of a hybrid monetary ecosystem. Trust in institutions has become as crucial as technical capacity,” he said.
The President emphasized the importance of confidence in Ghana’s financial institutions amid evolving payment systems and cyber risks.
He noted that central banks now face new challenges in maintaining trust while managing technological changes in the monetary system.
President Mahama stated that the hybrid monetary ecosystem requires central banks to balance their traditional regulatory roles with the need to inspire public confidence in financial institutions.
The conference, organized under the theme “Cedi @ 60: Reflecting on the Past, Shaping the Future,” seeks to provide a platform for experts to discuss trends, challenges, and opportunities in Ghana’s monetary system.
The event brings together policymakers, economists, and industry leaders to examine how Ghana’s currency has evolved over six decades and to chart a course for its future in an increasingly digital financial landscape.
President Mahama stated that as the financial world transforms with new technologies and payment methods, maintaining institutional trust remains as important as building technical capacity.
Richard Aniagyei, ISD
