A woman displays a ten-cedi note in Accra, Ghana, on Nov. 18, 2025. (Xinhua/Seth)
ACCRA, Nov. 19 (Xinhua) -- Ghanaian President John Dramani Mahama has reiterated the resolve of his government to safeguard the independence of the central bank to boost confidence in the economy and ensure strong economic fundamentals.
A core principle of effective economic management is an independent, credible, and insulated central bank, Mahama told an international currency conference. The gathering on Tuesday was part of activities to mark the 60th anniversary of the local currency, the cedi.
According to him, a strong and autonomous central bank is essential for anchoring inflation expectations, maintaining exchange rate stability, enhancing investor and market confidence, and ensuring long-term policy credibility.
"A modern currency regime requires not only strong institutions but also an informed and responsible public. I, therefore, urge the Bank of Ghana to strengthen nationwide public education on the use of the currency," the president added.
Mahama also lauded the Bank of Ghana and the Ministry of Finance for their management of the monetary and fiscal policies to restore a level of hope in the country's economy after the three years of turbulence, which saw the country seeking refuge in an economic reform program backed by the International Monetary Fund.
He noted that the prudent management of the monetary and fiscal policies had resulted in restoring balance in the economy, while reducing uncertainty as inflation continues to decline and expectations are more firmly anchored.
Mahama observed that Ghanaian traders, real estate owners, and other business people now quote their prices in the local currency, unlike the U.S. dollar-rated prices in the past.
He urged the central bank and the finance ministry to help sustain the gains.
The 60th anniversary celebration of the local currency is taking place amid a resurging cedi, which the central bank said had gained at least 21 percent in value as of September.
Bank of Ghana Governor Johnson Asiama pledged that the central bank would intensify its efforts to strengthen the local currency as the primary medium of exchange in the country.
The central bank would spare no efforts in addressing the pressures of currency substitution and dollarization that threaten Ghana's economic sovereignty, he said.
Asiama pledged that the central bank would also continue to engage Ghana's international partners to promote its economic interests. ■
A retailer counts Ghanaian cedi notes at a market in Accra, Ghana, on Nov. 18, 2025. (Xinhua/Seth)
Bank of Ghana Governor Johnson Asiama delivers a speech at an international currency conference in Accra, Ghana, Nov. 18, 2025. (Xinhua/Seth)
