Head of Communications at the Bank of Ghana (BoG), Bernard Otabil, says the upcoming Cedi@60 celebration is not only to commemorate Ghana’s currency but also to promote national pride and tackle the growing trend of dollarisation in the country’s economy.
Speaking on Joy FM’s Super Morning Show on Monday, October 27, ahead of the official launch scheduled for Tuesday, October 28, Mr Otabil said the celebration would serve as a reminder of the cedi’s importance as Ghana’s only legal tender.
“The celebration is not just to celebrate a currency but to celebrate our heritage. It is to put it out there that the cedi is the pride of the nation. It is the only legal tender that we have, and it is something worth celebrating for the simple reason that, beyond the cedi, there is no other currency in Ghana.”
He explained that one key objective of the event is to encourage citizens and businesses to conduct all transactions in cedis, as this would strengthen monetary policy and economic stability.
“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.
“The transmission mechanism works well if we do not have the overwhelming impact of exchange rate pass-through effects on our currency or economy. The signal for monetary policy is best felt if we all, as economic agents, have that sense of pride in pricing and doing everything in the cedi.”
Mr Otabil expressed concern about how public discussions often focus heavily on the exchange rate, arguing that it sometimes fuels speculation and undermines confidence in the local currency.
“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; it will not be static forever,” he said.
“Why should that debate even be going on? Are we playing into the hands of speculators? These are some of the issues we want to use the celebration to address.”
He added that the Cedi@60 launch would mark the beginning of a series of activities planned for next year, all aimed at reinforcing public confidence in the national currency and deepening awareness of its value.
“Beyond that, the launch is just to usher in a series of activities that we’ve planned for next year,” Mr Otabil stated.