Parliament Marks 60 Years of the Ghana Cedi with Reflections on Its Legacy

The Chairman of the Committee on Economy and Development, Hon. Eric Afful, has praised the resilience and enduring relevance of the Ghana Cedi as the nation’s official currency, as Parliament commemorated its 60th anniversary.

Speaking on the floor of the House, Hon. Afful described the Ghana Cedi as a reliable medium of exchange and store of value that has facilitated trade and enabled citizens to preserve wealth for six decades. He noted that despite challenges, the currency has remained central to Ghana’s economic life and national identity.

He further acknowledged the efforts of the Government, the Bank of Ghana, and the Committee on Economy and Development in curbing dollarization and strengthening public confidence in the local currency. According to him, the evolution of the cedi reflects Ghana’s commitment to stability, sovereignty, and economic growth.

Members of Parliament from both the Majority and Minority sides contributed to the discussion, highlighting the challenges the cedi has faced over the years, including inflationary pressures, depreciation against major foreign currencies, and the impact of global economic shocks.

While some MPs emphasized the need for stronger fiscal discipline and prudent monetary policies to safeguard the currency’s value, others pointed to the importance of diversifying the economy and boosting exports to reduce reliance on foreign exchange.

The Ghana Cedi was first introduced in 1965, replacing the Ghana pound, as part of efforts to assert the country’s independence and economic identity. Over the decades, it has undergone several redenominations and policy reforms, most notably the 2007 redenomination that introduced the Ghana Cedi (GH¢) in its current form.

Despite periods of volatility, the cedi has remained a symbol of national pride, representing Ghana’s sovereignty and resilience in the face of economic challenges.

Hon. Afful’s remarks underscored the importance of sustained reforms, fiscal discipline, and public confidence in ensuring the cedi’s continued relevance. As Ghana reflects on six decades of its currency, the conversation in Parliament highlighted both the achievements and the persistent challenges that will shape the future of the cedi in a rapidly changing global economy.