I want to be remembered for making cedi currency of choice – BoG Governor

By Praisebell Rosemond Larbi

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, says his vision is to transform the central bank into an agile, forward-looking, and resilient institution capable of navigating emerging global financial risks.

Speaking in an interview with the International Monetary Fund (IMF) on the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington, D.C., Dr Asiama said the Bank’s evolution must go beyond conventional central banking models to remain effective and relevant in a rapidly changing environment.

“My mandate is clear to achieve price and financial stability. It has been eight months now, and I believe we are on course,” he affirmed.

Dr Asiama noted that while Ghana’s monetary framework continues to stabilise, persistent challenges such as dollarisation still undermine the effectiveness of policy transmission.

“The phenomenon has been there, and so we are tackling it. What can we do to make the local currency the sole legal tender?” the governor queried.

Dr Asiama revealed that later this month, the Bank will mark a symbolic milestone in strengthening confidence in the Ghana cedi.

“On the 28th of this month, we are having the ‘Cedi at 60’ celebration. The local currency will be 60 years old, and we want that to mark a new beginning. When we use the local currency in all transactions, that enhances the efficiency of monetary policy,” Dr Asiama explained.

According to the Governor, one of his key aspirations is to make the cedi the currency of choice for transactions within Ghana.

“It is at the core of most of our problems. I want to be remembered for making the local currency the currency of choice,” he said.

The Governor of the BOG also stressed that a modern central bank must be equipped to respond swiftly to new forms of financial risk.

“The next thing is to have a central bank that is agile, one that is ready and able to contend with the new challenges that most central banks face,” he disclosed.

Reflecting on his three decades in central banking, Dr Asiama noted that the rise of fintechs and cryptocurrencies has introduced new regulatory and systemic risks that require a proactive approach.

“When I started my career 30 years ago, many of the things we see now such as fintechs and cryptocurrencies were not there. If not managed properly, these could become new sources of risk,” the governor observed.

He said the BoG is reviewing legislation and strengthening oversight of emerging digital financial ecosystems to ensure innovation does not compromise stability.

“We are mending the legislation and looking closely at the fintech industry,” the governor stated.

Dr Asiama concluded that adaptability and preparedness must define the central bank of the future.

“What I want to see is a central bank that is ready and able to adapt, one with the manpower, agility, and balance sheet to confront any risks that emerge. That is the hallmark of a future-ready central bank,” he added.

Dr Asiama underscored that building such a resilient, agile, and future-proof Bank of Ghana remains the central focus of his tenure.