E-Cedi Will Strengthen Monetary Sovereignty– Ecobank MD
By Praisebell Rosemond Larbi
The Managing Director of Ecobank Ghana, Abena Osei-Poku, has underscored the critical role the E-Cedi and Ghana’s broader digital payment reforms will play in reinforcing the country’s monetary sovereignty and reducing its heavy reliance on foreign currency transactions.
Her remarks come on the back of renewed concerns by the Governor of the Bank of Ghana, Dr. Johnson Asiama, who recently warned that growing dollarisation and currency substitution pose long-term threats to the stability of the Ghanaian economy. Dr. Asiama has reiterated that the central bank will intensify measures to ensure the Ghanaian Cedi remains the sole legal tender for domestic transactions.
Speaking at the Currency Anniversary Conference in Accra on Tuesday, November 18, 2025 as part of activities marking the Cedi@60 celebrations, Mrs Osei-Poku said the government and the central bank’s ongoing work in modernising payments infrastructure and developing a central bank digital currency reflects a strategic commitment to building a more resilient and secure financial system.
According to her, digital innovation, particularly the E-Cedi, offers Ghana an opportunity to safeguard the sovereignty of its currency at a time when private digital assets and foreign-currency-denominated systems are gaining prominence.
“Digital innovation, especially with the introduction of the E-Cedi, would strengthen sovereignty in a number of ways. First, it will reduce over-reliance on foreign currency and private payment systems. Remember the government mentioned that it wants the Cedi to be the unquestioned medium of exchange in the country,” she noted.
Mrs Osei-Poku further explained that the rise of crypto assets and unregulated private digital payment platforms continues to present significant risks to regulatory oversight and financial stability. The E-Cedi, she said, provides a safer and more transparent alternative.
“At the moment, we see a lot of digital currencies, crypto and others which create challenges for regulators. The beauty of having a digital currency like the E-Cedi is that it provides an option that is secure and risk-free. Unlike many digital currencies that face system failures, this is much safer,” she emphasised.
She noted that countries such as Nigeria, which implemented its e-Naira, have offered useful lessons on how central bank digital currencies can improve visibility across the payment ecosystem and enhance monetary control.
“We also learnt from the likes of Nigeria and other countries with digital currencies that it gives the central bank better visibility and control over the entire payment ecosystem,” she said.
Mrs Osei-Poku stressed that Ghana’s digital currency program and its accompanying reforms will require continued collaboration among regulators, commercial banks and fintech players to ensure effective adoption, cybersecurity resilience and public trust.
