Marking its 60th anniversary in 2025, the Ghana Cedi stands as a symbol of Ghana’s economic independence since replacing the British pound in 1965. While it has long served as the backbone of trade, savings, and salaries in the country, public perception of its strength and reliability has become increasingly skeptical after decades of instability.
Despite notable appreciation in 2025—over 42% according to Bank of Ghana data—the cedi’s credibility remains under question. The currency, once among the world’s worst performers in 2022 and 2023, has rebounded and now ranks as one of the best among emerging market currencies. Yet many Ghanaians remain cautious, doubting whether this rally makes the cedi a trustworthy store of value.
Interviews reveal divergent views on the cedi’s performance. While some, like Simon from Zapel Ghana, see signs of recovery and renewed value, others—including district statistician Nicholas and trader Hajia Kande Abass—highlight the cedi’s diminished purchasing power and ongoing preference for the US dollar. Rising prices and reduced real value have made many nostalgic for earlier times when the currency held more practical utility.
Economists like Prof. Peter Quartey of ISSER warn that temporary gains don’t erase long-term structural weaknesses. Years of inflation, depreciation, and dollarization have eroded trust in the local currency. Quartey emphasizes the need for industrialization, export growth, and reduced import dependence as foundational reforms that will determine the cedi’s future strength.
As the nation reflects on the cedi’s 60-year journey, the mood is cautiously optimistic. While recent performance gives reason for hope, both citizens and experts agree that without sustainable policy reforms, the cedi risks repeating its volatile past. Trust, once lost, will take time and consistency to rebuild.
Source: Citi newsroom