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Digital Innovation Is the New Frontier of Currency Management – BoG Governor
The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has underscored the pivotal role of digital transformation in shaping the future of Ghana’s currency, calling it the next decisive frontier in national and global currency management.
Delivering a powerful keynote address at a major currency conference in Accra, he emphasised that the evolving nature of money demands innovation, collaboration, and strategic leadership.
Addressing a gathering of central bankers, currency technologists, digital security experts, academics, and industry giants from across the world, Dr Asiama described the conference as a critical platform for exploring the latest trends and emerging challenges in currency development.
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“This conference offers an opportunity to engage deeply with the forces reshaping the world of money,” he said. “Over the next two days, I am confident the conversations will be insightful, engaging, and invaluable to all participants. Your presence demonstrates an unwavering commitment to excellence, innovation, and the advancement of our collective understanding of currency.”
Dr Asiama noted that the conference forms part of the Cedi@60 celebrations—a year-long observance reflecting on the historical, economic, and cultural significance of Ghana’s currency.
“The cedi carries history, meaning, and a shared national identity,” he reflected. “As we mark 60 years, we pause to honour its journey while looking ahead to the next chapter. Today, we do so together—as custodians of its future.”
With the President of the Republic in attendance, the Governor expressed gratitude for the government’s continued support for the financial sector and monetary stability.
“Your emphasis on stability under the Ghana Agenda aligns deeply with our mandate to safeguard a currency that supports opportunity, confidence, and long-term prosperity,” he said.
The Governor retraced the cedi’s evolution since its introduction.
“From the start, the cedi embodied the confidence of a young republic charting its own economic destiny,” he said. “It has witnessed Ghana’s triumphs and endured its struggles—from bold reforms to challenging moments that tested the resilience of our institutions and people.”
For six decades, he noted, the cedi has travelled with the Ghanaian people—from bustling markets and roadside shops to farms, transport stations, and households—quietly powering enterprise, planning, and community life.
“But now,” he emphasised, “the next generation will relate to the cedi through a new lens—one shaped by digital interaction, instantaneous value movement, and rising expectations of transparency and accountability.”
Dr Asiama highlighted sweeping global changes reshaping currency:
- Rapid growth in digital payment systems
- Acceleration of CBDC development
- Emergence of tokenised financial instruments
- Advances in AI-driven authentication and security
- Heightened risks caused by geopolitical shifts
- Increasing technological dependence
“These shifts demand steady leadership, clarity of strategy, and stronger institutional coordination,” he said. “The world is redefining the nature of money—and we must be prepared.”
He noted that Ghana’s own journey in this landscape is underway through payment modernisation programmes and the ongoing development of the eCedi, designed to ensure secure, interoperable, and inclusive digital value rooted in national realities and shaped by global best practice.
“Cash remains essential,” he added, “but digital channels are rapidly expanding access, convenience, and efficiency. Our responsibility is to ensure these two dimensions evolve together.”
The Governor warned against the growing pressures of currency substitution and dollarisation, describing them as threats to Ghana’s monetary sovereignty.
“We are intensifying efforts to reaffirm the cedi as the unquestioned medium of exchange,” he said, explaining that strong economic stewardship and institutional stability remain essential to preserving the currency’s value and relevance.
Dr Asiama stressed that digital transformation in currency management cannot be pursued in isolation.
“The issues shaping modern currencies cross borders and disciplines. Collaboration is not optional—it is indispensable,” he declared.
He highlighted Ghana’s active participation in global discourse on currency innovation, drawing lessons from partners across Africa, Europe, Asia, and the Americas.
This conference, he noted, brings together “the full ecosystem that shapes the life of a currency”—central bankers, technologists, designers, security experts, and academics—reflecting the multidimensional nature of currency management in an increasingly digital world.
He expressed appreciation to Currency Research and international partners for supporting Ghana’s efforts to reimagine its currency ecosystem.
In closing, Dr Asiama delivered a stirring message about national responsibility and hope.
“The cedi belongs to all of us. It carries our confidence, our efforts, and our belief in Ghana’s future,” he said. “Protecting it is not the task of any single institution. It is a shared endeavour.”
He expressed optimism that every Ghanaian—from a child learning to count to a trader in the market and an entrepreneur building the next innovation—will hold the cedi with pride, trust, and confidence.
“As we step into the next 60 years, let us work together—grounded in shared purpose and strengthened by digital transformation—to craft a resilient and modern future for the cedi.”
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