Cedi@60: Establishment of Cedi was to realise total freedom from colonialism – BoG’s Head of Currency
The Head of Currency Management at the Bank of Ghana (BoG), Dominic Owusu, says the creation of the Ghanaian Cedi six decades ago was a decisive step towards achieving full independence from the country’s former colonial rulers. Speaking on Joy FM’s Super Morning Show on Tuesday, as part of activities marking the 60th anniversary of the Ghanaian cedi, Mr Owusu explained that the decision to introduce a national currency in 1965 followed Ghana’s independence in 1957, reflecting a deliberate effort to assert monetary sovereignty. He noted that prior to the cedi, Ghana relied on the West African pound and later the Ghanaian pound, which tied the nation’s economy and identity to colonial structures. "Ghana in other to make sure it had total economic sovereignty right after independence started it journey to have a currency with the name Ghana. So it started doing it work and on the 14th of July, 1958 Ghana introduced Ghanaian currency that was called the Ghana pound," he said on the show. He continued "Someway somehow, the Ghana pound had a relationship of one is into one to the West African currency at the time. So it still had a pound which was still a vestige of colonialism, so Ghanaians were still not happy, so we wanted a total independent, something that dignified Ghana, something that represented Ghana, something that was a national pride. So right from 1961, Ghana started its journey towards total economy sovereignty and independent, so on 19th jULY, 1965 saw the birth of the Cedi." Read also: Cedi records one of its strongest performances; one dollar equals GH¢12.10 at forex bureaux Mr Owusu further traced the evolution of the currency, recalling that the first cedi, introduced in 1965, was later replaced by the new cedi in 1967 following political changes. Over the years, the currency has undergone various reforms, including the redenomination in 2007, which aimed to simplify transactions and restore confidence in the monetary system. He emphasised that the 60th anniversary offers an opportunity to reflect on Ghana’s financial journey, celebrate milestones in economic management, the country's culture and identity and renew efforts to strengthen the value and stability of the cedi in the years ahead.
