Bank Of Ghana To Mark 60 Years Of Cedi As Legal Tender

Bank of Ghana on Tuesday announced plans to celebrate the 60th anniversary of the cedi, the West African nation's currency, which became the sole legal tender on July 19, 1965, replacing the Ghanaian pound.

The milestone, marking six decades of the cedi's role in the nation's economy, will be commemorated with a series of events from July to December 2025, including public exhibitions, educational campaigns, and stakeholder forums, the Bank of Ghana said in a statement.

Introduced shortly after Ghana’s independence from British colonial rule in 1957, the cedi was named after the Akan word for cowrie shell, a traditional medium of exchange in West Africa. The currency has since undergone several transformations, including re-denominations and design updates.

In 2007, the cedi was redenominated, with 10,000 old cedis equating to one new cedi, to simplify transactions and address inflation-related complexities.

The currency has faced significant challenges, including periods of depreciation driven by external pressures such as fluctuating commodity prices and domestic fiscal deficits. Ghana, a major exporter of gold and cocoa, has experienced currency volatility, with the cedi losing about 30.0% of its value against the U.S. dollar in 2022, according to Bank of Ghana data.

Despite these hurdles, the central bank emphasized the cedi’s role as a symbol of national sovereignty and economic resilience.

Just ahead of the anniversary period, on May 13, 2025, the Bank of Ghana reported average interbank exchange rates, with the cedi at 12.8836 (buying) and 12.8964 (selling) against the U.S. dollar, 17.0218 (buying) and 17.0401 (selling) against the British pound, and 14.3281 (buying) and 14.3411 (selling) against the euro. These rates reflect a tight spread and the central bank's ongoing efforts to stabilize the currency following a 2023 International Monetary Fund (IMF) bailout and subsequent interventions.

“Ghana’s tenacity, innovation and quest for economic stability are all embodied in the Cedi's reforms,” Sandra Thompson, secretary of the Bank of Ghana, said in the statement.

The planned celebrations aim to highlight the currency’s historical significance while fostering public awareness of its importance in maintaining economic stability, she added.

The central bank outlined a broad program for the anniversary, though specific details of events are yet to be disclosed. Activities will include public exhibitions showcasing the cedi’s evolution, educational campaigns promoting financial literacy, and forums engaging policymakers, businesses, and development partners on strategies for strengthening the cedi’s value.

Ghana’s economy, one of West Africa’s largest, has faced recent challenges, including high inflation and debt restructuring following the $3 billion IMF bailout in 2023. The central bank has prioritized price stability, implementing measures such as interest rate hikes and foreign exchange interventions to support the cedi.

In its statement, the bank reaffirmed its commitment to maintaining a stable currency to ensure predictable pricing and economic growth.

The Bank of Ghana invited individuals, institutions, and international partners to participate in the anniversary events, emphasizing the cedi’s role as a unifying symbol of national pride and shared aspirations. The bank encouraged public engagement through its website (www.bog.gov.gh) and social media platforms, where updates, including exchange rates, are shared.

Further details of the commemorative activities will be released in the coming months, the bank said.

The cedi’s 60-year journey reflects Ghana’s broader economic path, marked by progress and challenges. As the country prepares to celebrate this milestone, the central bank’s initiatives aim to reinforce public confidence in the currency and its role in shaping the nation's future.