The Cedi, the country’s legal tender, turned 60 years on Friday, July 19, 2025, since its issuance as a medium of exchange, marking a significant milestone in Ghana’s post-independence economic journey.
The Bank of Ghana (BoG) will officially launch the 60th anniversary celebration of the Cedi beginning from this month, with a series of activities planned to run until the end of the year, culminating in a thanksgiving service in December.
Sixty years ago, Ghana took a bold step to break away from the British colonial monetary system by introducing the Cedi and the Pesewa to replace the British Pound Sterling and its derivatives — shillings and pence.
That historic decision in 1965 not only reflected the country’s commitment to economic independence but also asserted its sovereign identity, just eight years after gaining political independence from the United Kingdom.
Previously, the country used cowries as a medium of exchange. This was a better system of exchange than the barter system, where one good was exchanged for another. The barter system was fraught with challenges, as it was difficult to determine the exact value of goods being traded.
The Cedi, derived from the Akan word “Sedie” (cowrie shell), which was once used as a medium of exchange, is more than just a currency — it is a symbol of national pride, a marker of identity, and a reflection of the country’s socio-economic progress, struggles, and aspirations.
Over the decades, the Cedi has experienced various phases of strength and weakness — from periods of stability and international recognition as one of the best-performing currencies, to moments of significant depreciation due to macroeconomic imbalances, political instability, global financial shocks, and more recently, the impacts of the COVID-19 pandemic.
Yet, the Cedi has endured and evolved. In 2007, the government undertook a major redenomination exercise to simplify transactions, reduce the cost of printing and managing currency, and restore public confidence. It was a historic move that reduced four zeros from the old Cedi and introduced a fresh family of banknotes and coins, with the slogan “The value is the same.”
The redenomination restored parity between the local currency and major international currencies — at that time, ₵1 = $1.
As the nation celebrates this important 60-year milestone under the theme:
“60 Years of the Cedi: A Symbol of Sovereignty, Stability and Economic Resilience,”
it is worth commending the BoG for its monetary policies to sustain the stability of the Cedi, which is currently one of the best-performing currencies in the world.
Activities lined up include a national launch event, mobile currency exhibitions, educational campaigns on currency handling and security features, student competitions, stakeholder dialogues, and a flagship Currency Conference to be held at the Accra International Conference Centre.
The best way to honour the legacy and future of the Cedi is to safeguard its value and strengthen its resilience. This means tackling challenges such as Ghana’s over-dependence on imports, speculative trading in forex, black-market operations, and pricing in dollars.
The government must build an export-led economy, diversify production, and boost industrialisation through initiatives like the 24-Hour Economy.
Equally, the public must be educated on the consequences of dollarisation and poor currency handling. The Cedi continues to suffer physical abuse — soiled, torn, or defaced banknotes squeezed into pockets or written on. The BoG spends huge sums printing replacements, which could support education, health, or infrastructure.
A national reorientation is needed on how we treat our currency. Keeping notes clean, handling them with care, and embracing electronic transactions should be part of financial literacy campaigns.
The BoG deserves commendation for its robust security measures to curb counterfeiting and preserve the integrity of the Cedi. Its Currency Department oversees issuance, redemption, and recycling of worn-out notes into usable materials.
As BoG opens its Currency Museum and rolls out community and school outreach, citizens are encouraged to participate and learn more about the Cedi’s journey.
The Cedi’s story is Ghana’s story — from colonial rule to independence, it stands as a resilient symbol of sovereignty. All citizens should join in celebrating this milestone and uphold the ideals of “Our Cedi, Our Pride, Our Heritage.”
Had the Cedi been a human being, it would have retired by now — but it remains a living emblem of independence and identity, continuing to serve Ghana’s economy.
Despite the rise of electronic payments and cryptocurrencies, the Cedi will endure and continue its vital role.
In interactions with the public — particularly traders at Circle, Accra — many expressed joy about the Cedi’s 60th anniversary.
- Margaret Oforiwaa said she has used most of the currencies introduced by the BoG.
- Mercy Amponsah, another trader, knows of the post-2000 currencies and appealed for BoG exhibitions at marketplaces.
- Yaw Stephen, a carpenter, suggested that the BoG issue a commemorative note for the 60th anniversary.
- Senyo, a teacher, remarked, “Sixty years in the life of the Cedi is no mean achievement.”
May the next 60 years see a stronger, more respected, and more valued Cedi, both at home and abroad.
Hurray! The Cedi turns 60 this month — a milestone in Ghana’s economic history.
May it continue to endure and flourish for many more years to come!
The Writer: A Journalist
📧 Email: gbetomenyo81@gmail.com
BY KINGSLEY ASARE
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