ACCRA, Oct 27 (The African Portal) – The Bank of Ghana (BoG) says its upcoming Cedi@60 celebration will form part of a broader effort to strengthen confidence in the local currency and reduce the economy’s dependence on the US dollar.
Head of Communications at the central bank, Bernard Otabil, said the commemoration was designed not only to mark six decades of Ghana’s currency but also to promote the use of the cedi in all domestic transactions.
Speaking on Joy FM’s Super Morning Show on Monday, Otabil said encouraging Ghanaians and businesses to trade and price goods in cedis would enhance the effectiveness of monetary policy and help stabilise the economy.
“We also want to use the occasion to address the issue of dollarisation. Monetary policy is much more effective if indeed we are all pricing in cedis,” he said.
He explained that the over-reliance on foreign currencies in trade and public discourse had weakened the transmission of monetary policy and heightened the impact of exchange rate fluctuations.
“You wake up every morning, and the debate on the radio is about the cedi and the dollar. The exchange rate will definitely move; it will go up and come down. Why should that debate even be going on? Are we playing into the hands of speculators?” he asked.
Otabil said the BoG wanted the anniversary to rekindle public pride in the national currency and reinforce its status as Ghana’s only legal tender.
“It’s not just about celebrating a currency; it’s about celebrating our heritage. The cedi is the pride of the nation,” he said.
The official launch of the Cedi@60 celebration is scheduled for Tuesday, October 28, and will kick off a year-long series of public engagement and educational activities to promote confidence in the local currency.
