I WANT TO BE REMEMBERED FOR MAKING THE CEDI GHANA’S CURRENCY OF CHOICE – BoG Governor
Dr. Johnson Asiama, the governor of the Bank of Ghana, argues that establishing the cedi as the preferred currency and creating a flexible, future-ready central bank will be the hallmarks of his administration.
During the present IMF/World Bank Spring Meetings in Washington, DC, he stated that achieving price and financial stability is his unambiguous mandate and that, after eight months in office, he thinks the nation is headed in the right direction.
He claimed that dollarization, which he has seen throughout his thirty years in central banking, is one of the main issues facing the economy.
Johnson Asiama claims that the extensive usage of foreign currencies erodes confidence in the cedi and compromises the efficacy of monetary policy.
“I’ve seen this for many years. I started central banking some 30 years ago. The phenomenon has been there, and so we are tackling it to make the local currency the sole legal tender,” he said.
Dr Pandit disclosed that on October 28, the Bank of Ghana will mark the 60th anniversary of the cedi in an event dubbed “The Cedi at 60.”
He said the celebration will symbolise a new beginning for Ghana’s currency regime.
“We want that to mark a new beginning, because when we use the local currency in all transactions, that enhances the efficiency of monetary policy,” he said.
“It’s one of the things I would want to be remembered for, that I came, I solved that problem, I made the local currency the currency of choice.”
