By: Ashiadey Dotse
President John Dramani Mahama says improving financial literacy across the country is essential to fighting fraud, protecting consumers, and strengthening Ghana’s financial system.
Speaking at the Cedi@60 International Currency Conference in Accra on Tuesday November 18, 2025, President Mahama said an informed public is better able to detect fraud, demand accountability, and support a stable financial ecosystem. He stressed that financial education must reach schools, markets, transport unions, digital platforms, and rural communities.
President Mahama noted that traditional monetary policy models are being tested globally, making trust in institutions just as important as technical expertise. He said this reality places a major responsibility on central banks to act not only as regulators of money but also as “guardians of trust.”
Highlighting Ghana’s recent economic progress, the President said disciplined fiscal management, improved revenue mobilization, and better coordination between fiscal and monetary authorities have helped restore stability. He stated that inflation has fallen, the exchange rate has stabilized, and investor confidence is rising.
He said these improvements recently contributed to Ghana’s credit rating upgrade by S&P from CCC+/C to B–/B with a stable outlook a development he credited to cooperation between the Finance Ministry and the Bank of Ghana.
While celebrating these gains, President Mahama emphasized that they must be protected through policy discipline and strong institutions. He reaffirmed government’s commitment to safeguarding the independence of the Bank of Ghana, describing it as “an economic necessity.”
The President urged the central bank to intensify public education in three key areas:
Promoting the use of the cedi in all domestic transactions to reduce exposure to exchange rate risks.
Improving currency handling practices to protect the integrity and lifespan of the cedi notes.
Enhancing financial literacy to empower Ghanaians against fraud and strengthen trust in the financial sector.
He said the 60th anniversary of the cedi is a moment of national reflection, as a currency represents a social contract built on credibility and transparency. He added that the conference will help inform future reforms across currency design, payments, digital finance, and regulatory frameworks.
President Mahama also called attention to the African Continental Free Trade Area (AfCFTA), noting that an effective payment and settlement system — such as the Pan-African Payment and Settlement System (PAPSS) — is crucial for enabling trade across African currencies.
The President said the future of the cedi will depend on continued macroeconomic discipline, a strong financial sector, technological innovation, responsible currency use, and an independent central bank.
He also called for building a currency and an economy that reflects the hopes and aspirations of the Ghanaian people.
The president reaffirmed that his government remains committed to supporting the Bank of Ghana to maintain the trust of Ghanaians and carry out its mandate effectively.
