Dollarisation: A Threat to Monetary Sovereignty
A significant part of Dr Asiama’s message focused on the rising trend of dollarisation, which he cautioned undermines Ghana’s policy autonomy and weakens the effectiveness of monetary interventions.
“We are strengthening efforts to re-encode the cedi as the unquestioned medium of exchange, addressing the pressures toward currency substitution and dollarisation,” he explained.
He stressed that maintaining a stable currency requires strong fiscal discipline, credible institutions and confidence among citizens and businesses.
Currency Management Becoming a Multi-Disciplinary Task
Dr Asiama noted that modern currency management extends far beyond traditional central banking functions, now involving technology, security design, cross-border regulation and global policy dialogue.
“Currency management now sits at the intersection of many disciplines,” he said, underscoring the complexity of sustaining a trusted and secure national currency.
His remarks were delivered before an audience of central bank governors, fintech innovators, academics, payment specialists and currency designers, reflecting the wide ecosystem now shaping global monetary systems.
A National Responsibility to Protect the Cedi
The Governor reiterated that the task of stabilising the currency cannot rest solely with the central bank.
“Protecting the cedi is not a task of any one institution. It is a shared endeavour rooted in our belief in Ghana’s future,” he stated.
He acknowledged the presence of former President Nana Addo Dankwa Akufo-Addo at the conference, describing it as a sign of the national importance attached to the cedi’s 60th anniversary.
Panels scheduled for the conference will examine digital currency integration, the resilience of payment systems, improvements in currency security, and strategies to bolster Ghana’s financial sovereignty.
In closing, Dr Asiama urged stakeholders to offer ideas that will help shape the next phase of the cedi’s evolution. “The cedi belongs to all of us. It carries our confidence, our efforts and our belief in the future of this country,” he said.
