The Vice-President of Ghana, Prof. Jane Naana Opoku-Agyemang, has urged policymakers and citizens alike to act as stewards of the national currency, warning that Ghana’s recent economic recovery will be fragile without sustained fiscal discipline and a renewed sense of accountability.
Speaking at the launch of the Cedi @ 60 celebration in Accra, the Vice-President said that protecting the gains achieved over the past two years requires aligning every government decision, loan, and policy with measurable national value.
Her remarks struck a chord in a nation still navigating its way out of economic turbulence, where the Cedi, once labeled the world’s worst-performing currency in 2022, has now emerged as one of the strongest in 2025.
“We must anchor public finances in realistic revenue plans, efficient spending, and long-term planning,” she said. “Let every loan be tied to a return, and every Cedi spent to a corresponding value.”
From Fragility to Recovery
Ghana’s economy has undergone a difficult restructuring period following the 2022–2023 debt crisis, which forced the government into a domestic debt exchange and a $3 billion IMF programme. Since then, fiscal consolidation, tighter monetary policy, and improving external balances have begun to restore investor confidence.
Inflation has dropped from 54.1% in late 2022 to 9.4% as of September 2025, while gross international reserves now exceed $12 billion, according to the Bank of Ghana. The Cedi, once battered by high import dependency and public debt, has appreciated steadily against major trading currencies this year, buoyed by stronger non-oil exports and improved FX inflows.
Against that backdrop, the Vice-President’s remarks were both a celebration of resilience and a warning against complacency.
“Macroeconomic stability must not be treated as an abstract achievement but must be seen as the quality of life,” she said, noting that the benefits of a stable currency are directly felt by farmers, businesses, and households.
She explained that when the Cedi holds its value, Ghana’s productive sectors are better able to plan, price, and invest. “To our farmers, stability means the cost of inputs does not spiral out of control from one season to the next,” she said. “For students and households, it means predictability in fees and food prices.”
Fiscal Prudence as a Civic Duty
While the Vice-President praised the recent gains achieved under the stewardship of the Ministry of Finance and the Bank of Ghana, she emphasized that confidence in the Cedi “will not sustain itself.” The call, she said, is for governments, institutions, and citizens to act as custodians of the nation’s financial credibility.
“The Cedi is as strong as the institutions and people who protect it,” she said, urging civic education, public accountability, and media advocacy to promote respect for the national currency.
Her remarks reinforced the government’s broader campaign to discourage the pricing of goods and services in foreign currencies, a practice that has persisted in parts of the hospitality, construction, and real estate sectors.
“Today, too many goods and services are quoted in foreign currencies,” she cautioned. “If you earn in Cedis, you must be able to transact in Cedis.”
Analysts see this as part of a longer-term effort to rebuild confidence in the Ghanaian financial system and to entrench the Cedi’s role as the sole legal tender, particularly as Ghana’s economy becomes increasingly digitized.
Strengthening the Future of Finance
Prof. Opoku-Agyemang also highlighted Ghana’s ongoing digital finance reforms, commending the Bank of Ghana for its work on the eCedi, a digital version of the currency currently being tested.
She noted that such innovations would ensure that the Cedi remains relevant even in an increasingly cashless global economy. “Once fully scaled, the eCedi will modernize our payment systems and ensure that even in a digital future, the Cedi retains its importance,” she said.
However, she stressed that financial innovation must go hand-in-hand with inclusion. “The benefits of digital finance must reach all of us, especially those who are often excluded,” she added.
The Moral Economy
Beyond macroeconomics, the VP reminded the audience that the Cedi’s endurance over 60 years has been shaped by both the nation’s strengths and its mistakes: cycles of inflation, devaluation, and reform.
“We have learned painful lessons from fiscal indiscipline, over-borrowing, and ignoring tried principles,” she said. “But today, the Cedi has not only recovered, it has soared.”
Her call was therefore both patriotic and pragmatic, urging Ghana to treat its currency as a symbol of sovereignty and confidence, not merely a unit of exchange. “The Cedi,” she said, “reflects our confidence in our institutions and our economy.”
While the Cedi @ 60 commemoration has offered government officials a platform to highlight progress, economists interpret the Vice-President’s remarks as signaling a more cautious fiscal stance.
