E-Cedi to Strengthen Ghana’s Monetary Sovereignty and Reduce Forex Dependence – Ecobank MD
The Managing Director of Ecobank Ghana, Abena Osei-Poku, has highlighted the pivotal role of the E-Cedi in reinforcing Ghana’s monetary sovereignty and cutting the country’s reliance on foreign currencies. Speaking at the Currency Anniversary Conference in Accra on November 18, 2025, as part of the Cedi@60 celebrations, she emphasized that digital payment reforms and the E-Cedi are crucial steps toward a more resilient financial system.
Her comments echo recent remarks by the Governor of the Bank of Ghana, Dr. Johnson Asiama, who warned that rising currency substitution threatens the long-term stability of the Ghanaian economy. Dr. Asiama stressed the need to strengthen the Cedi as the nation’s sole legal tender, a goal that the E-Cedi is expected to support.
According to Madam Osei-Poku, the introduction of a central bank-backed digital currency provides Ghana with a strategic advantage in modernizing payments. “Digital innovation, especially with the introduction of the E-Cedi, would strengthen sovereignty in a number of ways. First, it will reduce the over-reliance on foreign currency and private payment systems,” she noted, adding that the government aims for the Cedi to remain the unquestioned medium of exchange in the country.
Beyond reducing dependency on foreign currencies, the E-Cedi is expected to mitigate risks associated with unregulated private digital currencies. Madam Osei-Poku explained that the growth of cryptocurrencies and other private digital assets poses challenges for regulators, but a secure, state-backed digital currency like the E-Cedi offers a safer and more stable alternative.
She further pointed out that lessons from Nigeria and other countries implementing central bank digital currencies show that such tools enhance regulatory oversight. “It gives the central bank better visibility and control over the entire payment ecosystem,” she said, underlining the importance of digital currencies in strengthening financial governance and building public trust.
source : citi newsroom