ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
Yet behind every note and coin lies a history of bold decisions, economic shocks, policy reforms, and the aspirations of a sovereign people.
This initiative seeks to reconnect citizens , young and old, with the role of the Cedi in shaping our economic identity.
Let me be clear: this is not a policy event.
It is a moment for Ghana to pause and reflect , not just on what we have built, but on what we must now protect and advance.
This anniversary belongs to all of us.
Because when we celebrate the Cedi, we celebrate our journey toward economic self-reliance and national confidence.
3 THE CEDI’S SIX-DECADE JOURNEY Sixty years ago, in July 1965, Ghana made a powerful declaration.
We said farewell to the Ghanaian Pound and introduced the Cedi , our very own national currency.
In doing so, we were not just changing banknotes.
We were affirming that Ghana’s independence must include the ability to define and defend our own monetary destiny.
Since then, the Cedi has gone through many phases: • 1967, we redenominated to eliminate confusion and strengthen national symbols.
• In 2007, we introduced the modern Cedi, simplifying transactions, strengthening security, and aligning with global monetary practices.
• Along the way, we've rolled out security upgrades, commemorative notes, and advanced anti-counterfeiting technologies.
Each transformation, from the integration of advanced security features and commemorative notes to the use of indigenous Adinkra symbols and the portraits of our national heroes, reflects Ghana’s story of resilience, innovation, and pride.
Today, the Cedi is far more than a currency.
It is a trusted store of value, a driver of economic activity, and a daily emblem of our collective confidence.
Whether exchanged in bustling markets, disbursed as salaries, or saved for future dreams, the Cedi stands as a lasting symbol of our journey and our unyielding commitment to shape our own destiny.
ECONOMIC CONTEXT AND RECENT POLICY OUTCOMES Fellow Ghanaians, The story of the Cedi cannot be separated from the story of our economy.
It reflects our moments of bold ambition, our trials under pressure, and our resilience in rebuilding.
In recent years, Ghana, like many other nations, has had to navigate some of the most complex economic storms in a generation.
From the lingering effects of the global pandemic, through economic crises , debt exchange , and tightening global financial conditions, our economic fabric was tested.
But few countries experienced it as acutely as we did.
As of November 2022, the Cedi depreciated by over 50% becoming the World’s worst performing currency in the world according to Bloomberg report.
Headline inflation spiralled to 54.1% and food inflation soared to an alarming 59.7% year-on-year in December 2022, distorting household budgets, shrinking incomes, and feeding public anxiety.
4 These were not just numbers ; they were lived experiences.
They meant rising transport fares, shrinking working capital, unaffordable school meals, and sleepless nights for small business owners and salary earners alike.
But they were not the end of our story.
Under the leadership of His Excellency John Dramani Mahama , and through coordinated, difficult, but necessary policy actions, Ghana has turned a decisive corner.
And the evidence is compelling: • Headline inflation has dropped sharply to 9.4% as of September 2025, returning to the medium-term target of (8±2) % for the first time in four years.
• The Cedi has appreciated by 37.4% year-to-date (October 17,2025), making it the best performing currency in Sub-Saharan Africa in the first eight months of 2025 , according to World Bank.
• Our gross international reserves stood at about US$10.7 billion as of August 2025, providing a robust cushion against external volatility and restoring investor confidence.
These gains are not by accident.
They are the result of hard, sometimes unpopular, but principled decisions: fiscal consolidation by government, a tight monetary policy stance by the Bank of Ghana, and renewed confidence from the investor community and the Ghanaian public.
And so today, as we celebrate 60 years of the Cedi, we do so not out of nostalgia , but from a place of hard-won stability and cautious optimism.
As your central bank, our mandate remains unchanged: to safeguard price stability, preserve financial system resilience, and support long-term inclusive recovery.
We are not yet where we want to be, but we are no longer where we were.
And that is why this moment –Cedi@60–is not just ceremonial.
It reminds us of how far we’ve come and challenges us to protect what we have gained.
Let us use this celebration not only to look back, but to chart the path forward, together.
THE CHALLENGES OF MODERN CENTRAL BANKING Distinguished guests, ladies and gentlemen, As we mark sixty years of the Cedi, we also confront a simple truth: the work of central banking has never been more complex, or more consequential, than it is today.
In decades past, monetary authorities operated in a world with slower information flows, clearer transmission channels, and fewer external shocks.
Today, the environment is radically different.
Global markets move in milliseconds.
Geopolitical uncertainty can cross borders 5 overnight.
And domestic economies are increasingly shaped by global capital, climate disruptions, and digital technologies.
Yet amidst this volatility, the expectations placed on central banks have only grown.
We are called upon not only to deliver price stability and currency integrity , but also to guide economies through debt overhangs, manage digital disruption, respond to misinformation, and support inclusive growth.
Our mandate remains the same.
But the terrain we navigate is shifting rapidly beneath our feet.
One of the most pressing challenges we face is the growing interplay between fiscal stress and monetary policy autonomy.
In many developing countries, including our own, high public debt levels risk undermining the independence of central banks.
When fiscal imbalances persist, the pressure to monetise deficits becomes real, and with it, the danger of inflationary drift.
This is why restoring and preserving fiscal discipline is not just a government priority; it is a monetary safeguard.
Equally formidable is the digital revolution.
Mobile money, fintech platforms, and crypto assets are transforming how people store value, make payments, and access credit.
These innovations hold enormous promise for deepening financial inclusion, but they also introduce new risks if left unregulated.
That is why the Bank of Ghana has taken proactive steps: • We were among the first central banks in Africa to pilot a Central Bank Digital Currency (CBDC)–the eCedi–designed to ensure that our currency remains relevant, secure, and accessible in an increasingly digital economy.
• Through our regulatory sandbox, we are fostering responsible innovation, allowing startups and financial institutions to test new products under supervision.
• And with the imminent rollout of a comprehensive regulatory framework for Virtual Asset Service Providers (V ASPs), we are positioning Ghana as a regional leader in the safe governance of digital assets.
But let us be clear: technology alone is not enough.
What sets a credible central bank apart is not just its tools, but its trustworthiness.
In an age of real-time news and speculative sentiment, how we communicate is as vital as what we do.
Transparency, predictability, and openness must be embedded in our policymaking.
Because when citizens understand not just our actions but our rationale, uncertainty gives way to confidence , and confidence is the anchor of monetary stability.
Over the past few months, the Bank of Ghana has undergone a quiet transformation.
We have modernised our supervisory processes, strengthened foreign exchange operations, enhanced payments infrastructure, and deepened our commitment to monetary policy transparency and accountability.
We have also grown more collaborative.
We now work closely with the fiscal authority, regulators, academia, and industry stakeholders, because no central bank can deliver economic 6 stability in isolation.
Monetary credibility requires fiscal responsibility, public understanding, and private sector alignment.
In all these efforts, our vision remains steady and clear: To position the Cedi as a future -ready currency , secure in value, smart in function, and sovereign in spirit.
Let us remember: a currency does not stand strong because it is printed on sturdy paper or minted from polished metal.
It stands strong because the people who use it believe in it.
That belief is earned, not assumed.
It is built daily , through prudent policy, institutional integrity, and shared responsibility.
As we honour the Cedi’s 60-year journey, let us also recommit ourselves to this next frontier , to ensure that the Cedi continues to be a symbol not only of our past, but of our preparedness for the future.
OUTLOOK FOR THE ANNIVERSARY CELEBRATION As we officially launch the Cedi@60 anniversary, allow me to share a preview of what lies ahead.
This celebration will not be confined to this hall.
Over the next 12 months, we will embark on a nationwide and inclusive programme of activities, including: • Currency exhibitions that tell the story of our monetary journey , from pounds to pesewas, from coins to QR codes.
• Public lectures and school tours to engage students, professionals, and communities on the importance of monetary sovereignty.
• Diaspora engagements, highlighting the role of remittances and international trust in supporting the Cedi’s strength.
• And special publications and legacy projects to ensure this milestone leaves a lasting educational footprint.
These activities are designed for all age groups , from schoolchildren learning to count with pesewa coins, to fintech entrepreneurs coding the next generation of e-wallets.
We encourage every Ghanaian, home and abroad, to take part.
Because the story of the Cedi is the story of us all.
GRATITUDE AND REFLECTION As we reflect on this journey, it is only fitting to honour those who carried the torch before us.
7 We salute the vision of our first President, Dr.
Kwame Nkrumah, first Governors, and the many men and women who steered this institution through reform, liberalisation, and crisis.
Their foresight, integrity, and dedication laid the foundation on which we stand today.
I must also commend the staff of the Bank of Ghana, past and present whose quiet, professional service continues to safeguard our nation’s economic stability.
To our colleagues at the Ministry of Finance, at commercial banks, in regulatory agencies, and across our financial ecosystem, thank you for your partnership and shared purpose.
And to you, the Ghanaian people, thank you for continuing to believe in your central bank, and in your currency.
Because it is your trust that gives the Cedi its strength.
May this celebration renew our shared commitment to a stable, strong, and inclusive economy for all.
Long live the Cedi.
Long live the Republic of Ghana.
42ND ANNUAL GENERAL MEETING OF THE GHANA ASSOCIATION OF BANKS & LAUNCH OF GH BANKERS’ VOICE MAGAZINE KEYNOTE ADDRESS BY DR.
JOHNSON ASIAMA GOVERNOR, BANK OF GHANA EVOLVING DYNAMICS OF THE BANKING INDUSTRY: FROM STABILITY TO INNOVATION OCTOBER 23, 2025 Distinguished President of the Ghana Association of Bankers, Respected CEOs, Colleagues from the Bank of Ghana, Partners in our financial ecosystem, Friends joining virtually, Good morning and thank you for the opportunity to share a few reflections with you.
It is always a pleasure to engage with the GAB.
This platform has become an important space for open dialogue, where we move beyond regulations and discuss the future of banking in Ghana together.
Setting the Stage: From Stability to Innovation Over the past decade, Ghana’s banking sector has faced and overcome some of the most difficult challenges in our economic history.
We have navigated macroeconomic imbalances, a pandemic, and the Domestic Debt Exchange Programme, all while maintaining financial stability.
That resilience was not accidental.
It reflects discipline, sacrifice, and partnership, the collective effort of banks, regulators, and industry leaders working toward a single goal: restoring confidence.
Today, that foundation has been firmly secured as evident in our most recent industry data from August.
The sector’s capital adequacy ratio stands at 18.28 per cent, well above the regulatory minimum.
Non-performing loans have eased to 20.77 per cent, while deposits have grown by over 17 per cent year-on-year, despite a decline in cedi -denominated balances due to currency appreciation.
Profitability has also improved, with return on equity rising to 32.21 per cent and return on assets reaching 5.64 per cent, up from 31.36 per cent and 4.94 per cent , respectively, in 2024.
These figures reflect renewed confidence, strengthened balance sheets, and the system’s growing resilience.
As at September, inflation fell sharply to 9.4 per cent, its lowest level in four years, down from 23.8 per cent in December 2024.
The Bank of Ghana’s extensive open market operations absorbed nearly GHS65 billion in excess liquidity, helping anchor inflation expectations, even at short -term cost to the Bank’s balance sheet.
The cedi has also regained strength, appreciating by roughly 37 per cent year to date as at October, while gross reserves now stand at US$10.7 billion, covering over four and a half months of imports as at August.
Growth is recovering too.
Real GDP rose to 6.3 per cent in Q2 2025, driven by services, agriculture, and a resurgent non-oil sector.
Beneath these numbers lies a quiet but powerful story of credibility restored - through tighter liquidity control, gold monetisation, and transparent rules-based monetary policy.
But stability is not the destination.
It is the launchpad.
The true measure of central banking success is not only how we maintain stability, but how we transform that stability into a platform for innovation, inclusion, and growth.
And if I may speak personally, this transition from stability to innovation is not just a policy direction.
It is something I deeply believe in.
I have met young Ghanaians using artificial intelligence to model credit risk, and others developing digital tools leveraging public data and customer sentiments to predict foreign exchange rates and monetary policy rates.
Their creativity, precision, and discipline inspire me deeply.
They remind me that Ghana’s next transformation will not come from regulation alone, it will come from innovation, supported by the right environment.
The Shifting Landscape of Banking Every generation of bankers face a turning point.
For ours, this is it.
The business of banking is being reshaped, not just by regulation, but by technology, changing customers, and emerging forms of risk.
Digital acceleration is transforming the core of financial services.
Across Africa, mobile money transactions have surged, and in Ghana alone, digital transaction volumes exceeded GHS300 billion in 2024, more than 60 per cent of GDP.
Customers now expect instant settlement, seamless interoperability, and round-the-clock availability.
Digital is no longer an add -on to banking; it is banking.
At the same time, the customer base is evolving.
More than 60 per cent of Ghanaians are under 35.
They are digital -native, mobile -first, and expect banking to be borderless, personalised, and embedded in their daily lives.
For them, banking is not a destination, it is an experience that follows them everywhere.
New technologies are driving a deeper shift.
Artificial intelligence, tokenization, and open APIs are changing how institutions manage credit, compliance, and fraud.
Banks across the continent are adopting AI -based scoring models, deploying real-time analytics, and experimenting with tokenized deposits.
These tools offer speed and precision, but they also raise new questions about algorithmic bias, transparency, and ethical use of data.
The infrastructure of trust is being redefined.
Consent-based digital identity, programmable payments, and interoperable cloud-based systems are becoming the bedrock of financial services.
Cyber resilience and third -party risk management are now as critical as capital adequacy, and operational soundness is increasingly measured by how well banks secure and govern their technology environments.
Data, too, is being reimagined.
Open banking is shifting control to the customer, enabling secure data sharing between banks and fintechs, but only under clear standards for privacy, consent, and cybersecurity.
As these frameworks mature, banks will need to adopt API -ready systems and e mbed strong data governance into their operations.
The implications are profound.
These shifts are not theoretical; they are happening now.
The banks that succeed in this new environment will be those that act with speed and integrity, that modernise their infrastructure, embed trust into every interaction, and design experiences around real customer needs.
The Bank of Ghana’s Vision: Enabling Innovation Responsibly So how is the Bank of Ghana preparing the system for this future?
Our strategy is clear: we are building the architecture for a safe, open, and innovative financial system that can compete globally while serving Ghanaian realities.
At the Bank of Ghana, we are being far more intentional about innovation.
It is now a standalone goal of our enterprise strategy, and we are developing a comprehensive Digitalization Strategy that will guide how the Bank itself uses technology and data to serve the financial system more effectively.
We are sending our teams out to the best central banks to learn, experiment, and benchmark against the best - from Singapore to London to Philippines - to bring global lessons home.
In fact, a dedicated team from the Bank will soon engage with the Ghana Association of Bankers and individual banks to ensure your perspectives help shape our Digitalization strategy from the very beginning.
We are pursuing this transformation through four complementary pillars: A. Infrastructure Innovation : GhIPSS is enhancing instant payments and national QR systems to support multi-currency interoperability.
The eCedi pilot has entered its next phase, testing retail and wholesale use cases that connect banks, fintechs, and telcos on one secure digital platform.
These are not isolated experiments.
They form part of a deliberate plan to future- proof our payments ecosystem and keep Ghana at the forefront of digital financial inclusion.
B. Regulatory Innovation : We are also moderni sing how we regulate.
The Bank’s sandbox has tested over 20 fintech solutions - from cross -border remittances to digital micro-insurance.
The Bank has been working with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC) among other institutions, to develop formal cryptocurrency regulations by December 2025.
I am pleased to say we have finali sed the bill ready for submission to cabinet.
This progress places Ghana among the first African jurisdictions to regulate digital -asset activity prudently.
Our Digital Lending Guidelines, to be released soon, will also protect consumers while encouraging fintech -banking partnerships.
And our Open Banking Framework, now in proof-of-concept phase, will enable secure data sharing between banks and fintechs, under clear standards for consent, privacy, and cybersecurity.
Let me use this platform to encourage all banks participating in any of our ongoing Proofs of Concept (PoCs) - including open banking, tokenised payments, FX tracking, and digital ID pilots - to engage deeply and proactively.
These are opportunities to test, refine, and fast -track solutions that work.
The faster we collaborate, the sooner we can implement innovations that strengthen the system.
C. Market Development and Financial Deepening: Our third pillar is to deepen financial intermediation and connect innovation to real economic value.
We are working with the Development Bank Ghana, the World Bank, and Afreximbank to expand access to credit and trade finance through risk -sharing facilities.
We are aligning Ghana’s banking infrastructure with continental systems like the Pan -African Payment and Settlement System (PAPSS), which enables cross-border payments in local currencies.
In parallel, we are modernising Ghana’s foreign exchange market infrastructure.
With support from the IMF, the Bank has launched a structured FX operations framework to improve price discovery, reduce volatility, and rebuild reserves.
A key reform under this framework was the revision of Net Open Position (NOP) limits, from ±5% to 0% to -10%, to increase interbank activity and reduce spreads We are also supporting banks to upgrade their systems to ISO 20022 messaging standards and real -time compliance monitoring, ensuring Ghanaian banks remain competitive as instant and cross -border payments become the continental norm.
D. Risk and Trust Innovation : Finally, innovation must be underpinned by stronger risk and cyber resilience.
The Bank is investing in AI-driven supervisory tools and operationalising a Cyber Threat Intelligence Platform to share information between banks and fintechs.
As banks migrate more systems to the cloud, operational resilience and third - party risk management will become as critical as capital adequacy.
Cyber maturity is now a measure of institutional soundness, and our supervisory priorities will increasingly reflect that.
We are also piloting an ESG and Climate -Risk Reporting Template to embed sustainability into credit and investment decisions.
Innovation without trust will not endure, but prudence must never again be an excuse against innovation.
The New Competencies for Banks Let me now turn to the banking community.
The banks that will lead in this new era will be those that develop f our key competencies, not as buzzwords, but as business models.
(1) Digital Integration: Be API-ready.
Integrate seamlessly with fintechs, telcos, and payment switches.
Migrate local card transactions onto domestic settlement rails to reduce FX exposure and processing costs.
Adopt secure API and data standards that will form the foundation of Ghana’s open banking ecosystem.
(2) Data Intelligence: Use data responsibly.
As you deploy artificial intelligence, ensure your boards approve ethical AI and model -risk governance frameworks.
Models must be transparent, auditable, and free from bias.
(3) Sustainable and Inclusive Finance : Invest in inclusive credit systems that leverage alternative data and responsible AI to reach underserved segments.
Deepen credit card usage and support Ghana’s evolving credit culture.
(4) Customer -Centric Design : Innovate around real needs , building trust through privacy, consent, and reliability.
The best digital solution is one the customer barely notices, because it simply works.
The next decade will not belong to the biggest balance sheets.
It will belong to the boldest learners, those who adapt fastest, collaborate deepest, and innovate safest.
Closing Reflections Distinguished bankers, as we look ahead, let us remember what brought us here.
It took courage to stabilise the system.
It will take imagination to transform it.
We cannot manage tomorrow’s challenges with yesterday’s tools.
We cannot stand still while technology and customer needs evolve.
The Bank of Ghana is ready to walk this journey with you - as regulator, collaborator, and catalyst for innovation.
Let us therefore build a system that is stable and transformative, where prudence and innovation walk hand in hand, and where Ghana’s banks are recognized not only for their resilience, but for their creativity, inclusiveness, and global competitiveness.
Thank you, and I look forward to continuing this journey with you.
CONSUMER REPORTING OFFICERS STAKEHOLDER ENGAGEMENT KEYNOTE ADDRESS BY MRS.
MATILDA ASANTE-ASIEDU SECOND DEPUTY GOVERNOR, BANK OF GHANA ALISA HOTEL, NORTH RIDGE OCTOBER 21, 2025 Consumer Reporting Officers, Compliance Officers, Representatives of Banks Colleagues from the Bank of Ghana Representatives from GAB and PWC Representatives from the Press Corp Ladies and Gentlemen, 1.
Good morning and a very warm welcome to you all.