The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has reiterated that all cedi banknotes and coins issued by the central bank remain valid legal tender for the settlement of debts and payment for goods and services.
Speaking at the 125th Monetary Policy Committee (MPC) press conference, Dr. Asiama expressed concern over growing reports of rejection of smaller denominations in daily transactions, a trend he described as “troubling.”
When asked whether the smaller notes and coins had been officially withdrawn from circulation, the BoG Governor was emphatic:
“That concern has been raised previously, and I want to assure you that we are actively looking into it. Rest assured, a solution will be found. It is important to emphasise that all banknotes and coins issued by the Bank of Ghana remain valid for the settlement of debts and the payment of goods and services. We strongly encourage the public to accept and use them. This is our national currency, and it should be respected and utilised in all transactions.”
Cedi’s 60th Anniversary Celebration
Dr. Asiama also disclosed that the Bank of Ghana is preparing to celebrate the 60th anniversary of the Ghana Cedi, with an official launch to be attended by President John Dramani Mahama.
He noted that the event will serve as a bold reaffirmation of the cedi as Ghana’s sole legal tender, stressing that using the national currency exclusively strengthens monetary policy and promotes economic stability.
“When we all choose to operate within the cedi zone, it strengthens the effectiveness of our monetary policy and supports broader economic stability. We are counting on the media to help drive this campaign,” he added.
Call for Public Support
Drawing comparisons with other African economies such as South Africa and Kenya, Dr. Asiama explained that the use of national currency is deeply embedded in their societies, and Ghana must build the same level of respect and commitment to the cedi.
The Bank of Ghana is urging all businesses, traders, and consumers to accept and use every denomination of the cedi, from coins to higher-value notes, as the nation moves to reinforce confidence in its currency.
