Ghana’s cedi has turned 60, marking six decades of influence on trade, investment, and everyday business life. From import bills and pricing decisions to household spending and long-term planning, the cedi has always been at the center of Ghana’s economic story.
The anniversary brings back memories of key moments in the currency’s journey. After independence, Ghana switched from the British West African pound to the first Ghana cedi in 1965 under Dr. Kwame Nkrumah, giving the young nation its own monetary identity.
Those early years saw decent stability, helped by strong cocoa earnings. But the late 1970s and 1980s ushered in inflation and economic struggles that hurt business confidence. The early 1990s through the 2000s saw the cedi lose major value, making transactions unnecessarily cumbersome. Companies handled huge stacks of cash for ordinary payments, straining accounting systems.
The turning point came in 2007 when the Bank of Ghana redenominated the currency by removing four zeros. Transactions became easier and pricing more straightforward, which helped restore confidence for a period.
However, global events later exposed lingering structural challenges. The pandemic disrupted supply chains and foreign inflows, while rising debt levels pushed the cedi into sharp depreciation in 2022. Many businesses suffered losses as import prices fluctuated unpredictably and lending tightened.
Even today, the cedi experiences familiar seasonal pressures. While it has shown stronger performance in 2025, including an appreciation earlier in the year, year-end import demands continue to create volatility.
A look across West Africa highlights a major trade-off. The CFA franc offers more stability due to its peg to the euro, but those countries sacrifice monetary control. Ghana has always chosen policy independence, even as volatility remains a risk that businesses must manage.
For companies that rely heavily on imported inputs, currency swings can quickly raise operational costs and force difficult adjustments. It reduces consumer purchasing power, slows demand, and can even push firms to move production elsewhere. Although a weaker cedi can support exports, Ghana’s current export base isn’t diverse enough to take full advantage.
All of this makes one thing clear: currency stability remains a major factor in shaping Ghana’s business environment.
A new chapter with the eCedi
Looking ahead, the most transformative change may still be to come. The Bank of Ghana is signaling a digital future for the cedi, with plans for a central bank digital currency: the eCedi.
Ghana already has advanced digital infrastructure such as a national biometric ID system, a digital address system, and fully interoperable payment networks. These give the country an edge in launching a digital currency smoothly.
A successful rollout could bring faster, more secure transactions, stronger financial inclusion, and better monetary policy transmission. For a market trader in Makola, a small business in Kumasi, or an exporter in Takoradi, this could mean fewer cash-flow challenges and more reliable pricing.
Bank of Ghana officials have emphasized that whether physical or digital, the cedi must be treated with care as a national asset.
What will drive future stability
The future of the cedi depends on more than technology. Long-term currency strength requires deeper reforms, including:
• Expanding exports into value-added sectors
• Cutting overreliance on imported fuel and food
• Maintaining fiscal discipline and stronger foreign reserves
• Supporting local industries to boost productivity and competitiveness
If these priorities are aligned with sound monetary policy, the cedi can become more stable and supportive of industrial growth.
As global trade continues its digital shift, Ghana has a chance to lead rather than follow. Looking back on 60 years of the cedi is important, but shaping its next phase is even more critical. The currency that once replaced colonial money is now preparing for a new era — one that could reshape how businesses grow and how Ghanaians trade at home and abroad.