The Bank of Ghana (BoG) is enhancing its currency forecasting and management capabilities to address rising physical cash usage alongside digital payment growth.
Currency Director Dominic Owusu announced the initiative at a West African Institute for Financial and Economic Management (WAIFEM) workshop, emphasizing innovation in cash supply chains and demand prediction to reduce costs and preserve the cedi’s integrity.
“Cash remains Ghana’s most trusted and accessible transaction medium,” Owusu stated, acknowledging its enduring role despite digital expansion. The BoG is automating cash centers, updating legislation, and launching public education campaigns to improve currency handling. Tropical climate accelerates note deterioration compared to temperate regions, driving replacement costs higher.
Counterfeit prevention is another priority. While Ghana reports low counterfeiting rates, regional peers face greater challenges. The WAIFEM workshop trains participants in authentication techniques for dissemination across West Africa. “Ghana has become a currency management model in Africa,” Owusu noted, citing recent reforms.
The central bank will mark the cedi’s 60th anniversary in July 2025 with a global conference and public education campaign. “Currency symbolizes national pride and economic stability,” Owusu emphasized, linking clean banknotes to broader economic health. The November 2025 event will convene central banks and policymakers to discuss monetary sovereignty.
