By Asamoah George Opoku
At the Cedi @ 60 International Currency Conference held today at the Accra International Conference Center, President John Dramani Mahama urged the Bank of Ghana to lead a comprehensive nationwide public education campaign focused on the Ghanaian cedi.
The President’s remarks emphasized promoting the use of the cedi in daily transactions, improving how it is handled, and boosting financial literacy, signaling a deliberate effort to strengthen the national currency’s role in ensuring economic stability.
At the core of his message is a concern over Ghana’s heavy reliance on foreign-denominated debt, which leaves the country vulnerable to fluctuations in exchange rates. According to a 2024 United Nations report, more than 80 percent of Ghana’s external debt is in U.S. dollars. This dollar-dependence means that whenever the cedi weakens, the cost of servicing foreign debt balloons, a challenge the President aims to mitigate by encouraging more domestic transactions in cedis.
Beyond macroeconomic risks, President Mahama cautioned against lax currency-handling practices. Poor treatment of physical banknotes, ranging from careless storage to overuse, drives up the central bank’s operational costs and undermines the integrity of the currency. In 2024, the Bank of Ghana’s printing costs surged by 47 percent, climbing from GH₵354.53 million to GH₵986.88 million, highlighting the financial strain caused by frequent note replacement. Careful handling, the President stressed, could help ease this burden.
Just as importantly, he underscored financial literacy as the foundation of a resilient financial system. An informed population is better equipped to protect itself from fraud, demand transparency, and engage meaningfully with the economy. While 96 percent of Ghanaians reportedly have access to formal financial services, only about 32 percent are financially literate, according to recent data. This gap between access and understanding, the President argued, leaves many citizens vulnerable and highlights the urgent need for widespread financial education.
To ensure the campaign reaches all corners of society, the President called for education beyond city centers. He urged targeted efforts in schools, informal markets, transport unions, digital platforms, and especially rural areas, places where cash remains deeply entrenched and formal financial education is often weakest.
Underlying this push is a broader economic strategy to reinforce confidence in the cedi, reduce dependence on foreign currency, and build a more stable, participatory national financial ecosystem. If successful, the campaign could reduce the burden of foreign debt, save resources currently lost to frequent note replacement, and equip everyday Ghanaians with the tools to manage their finances more effectively.
