It is gratifying that the Cedi, Ghana’s legal tender, has turned 60 years and continues to endure.
We commend the Bank of Ghana for its steadfast role in maintaining the stability of the currency over the decades. Sixty years in the life of any national currency is no small feat. If the Cedi were human, it would, by the country’s retirement laws, have bowed out of active service by now.
But the Cedi is not human — rather, it is a resilient emblem of Ghana’s independence and identity. It is also a lasting symbol of sovereignty that continues to facilitate business, trade, and financial transactions across the nation.
Unless a future government decides otherwise, the Cedi will remain the cornerstone of our economic system, faithfully supporting Ghana’s growth for generations to come.
A Bold Step in 1965
Sixty years ago, Ghana took a bold step away from the British colonial monetary system by introducing the Cedi and the Pesewa to replace the Pound Sterling and its derivatives, such as shillings and pence.
The word Cedi is derived from the Akan word Sedie, meaning cowry, which served as a medium of exchange before the arrival of Europeans.
For six decades, the Cedi has survived multiple economic challenges, serving as a unifying instrument for trade, commerce, and everyday life.
Redenomination and Modernisation
In 2007, the currency underwent a major transformation when it was redenominated and four zeros were removed to simplify transactions and align with international standards.
The exercise, launched under the slogan “The value is the same,” helped restore public confidence and briefly created parity between the Cedi and the U.S. dollar.
Over the years, the Cedi has played a crucial role in promoting national cohesion through socio-economic activities — from trade and services to cultural events such as funerals, festivals, and naming ceremonies.
Challenges and Concerns
Despite its significance, the Cedi has also been at the centre of conflicts in some instances. There have been disturbing reports of violent altercations, and even fatalities, arising from disputes over small sums — such as 20 or 50 pesewas — especially during haggling over transport fares.
One major concern of The Ghanaian Times is the poor handling of the Cedi. Many notes are often squeezed, soiled, or torn, diminishing their lifespan and visual dignity.
We urge citizens to handle the currency with care and respect, just as they would their personal valuables. As a national symbol and medium of exchange, the Cedi deserves to be preserved in good condition.
The public education campaigns by the Bank of Ghana on proper currency handling must not go to waste. It is the collective responsibility of all Ghanaians to ensure that our currency reflects the pride and discipline of our nation.
Rejection of Smaller Denominations
Another worrying trend is the growing rejection of smaller denominations, particularly the one, five, and 10 pesewa coins, during business transactions — especially by market traders.
This practice has serious implications for the economy, as it fuels inflationary pressures. Goods that should ordinarily sell for five or 10 pesewas are instead rounded up to 20 pesewas due to the refusal to accept smaller coins.
It is therefore encouraging that the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, recently reminded Ghanaians that all denominations of the Cedi remain legal tender and that rejecting them is unlawful.
The Ghanaian Times adds its voice to the Governor’s call and urges all citizens to respect the Cedi in all its forms and denominations.
Our National Pride
As the Cedi marks its 60th anniversary, it is imperative that Ghanaians recognise its role not only as a medium of exchange but also as a symbol of national unity, identity, and economic discipline.
Even as the world embraces digital payments such as mobile money and cryptocurrencies, we believe the Cedi will continue to endure and play its vital role in Ghana’s economic life.
May the next 60 years see a stronger, more respected, and more valued Cedi — both at home and abroad.
🎉 Hurray! The Cedi turns 60 — Our Cedi, Our Pride, Our Heritage.
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