Deputy Governor for Monetary Policy at the Bank of England, Clare Lombardelli, has extended heartfelt congratulations to the Bank of Ghana and the people of Ghana on the momentous occasion of the 60th anniversary celebration of the Cedi. This occasion marks a significant milestone in the country’s financial history, reflecting both the resilience and adaptability of a nation that has navigated numerous economic challenges over the years.
In her opening remarks during the Bank of Ghana/Bank of England Pan-African Central Bank Governors’ conference held in Accra on Monday, November 10, Lombardelli emphasized the importance of this anniversary in the context of Ghana’s economic journey. “We gather at a particularly special moment for our hosts. The celebration of Cedi@60 marks six decades since the introduction of Ghana’s national currency—a symbol of sovereignty, resilience, and economic aspiration,” she said. Lombardelli underscored that the journey of the Cedi is a testament to the enduring spirit of the Ghanaian people and highlighted the crucial role that central banks play in shaping not just the economic realities of their nations, but also in influencing the broader regional and global economic landscape.
In a powerful statement of solidarity, she invited those present to join her in congratulating the Bank of Ghana and the citizens of Ghana on this remarkable achievement. The sentiment expressed by Lombardelli resonates deeply in a continent characterized by its diverse economic situations and challenges but also by its potential for growth and innovation.
For his part, the Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, took to the podium, noting that Africa stands at a pivotal inflection point, with growth projected at 4.1 percent in 2025 outpacing the global average. He highlighted the encouraging trend of easing inflation in Sub-
Saharan Africa, which averaged 21.6 percent in 2023, indicating a movement towards a more stable economic environment. However, he was quick to point out that even amidst these positive trends, there remain underlying vulnerabilities: high borrowing costs, limited financial buffers, and fiscal strains that could potentially unravel hard-won economic gains within a few months.
Reflecting on the recent past, Dr. Asiama recounted a challenging period three years ago, during which Ghana was grappling with what the World Bank termed a “home-grown crisis.” At that time, inflation had soared to an alarming 54.1 percent, the Cedi had lost nearly half of its value, and the country’s reserves had fallen to less than one month’s worth of import cover. “Confidence was evaporating faster than reserves,” he remarked, setting the scene for the subsequent reforms and stabilization efforts undertaken by his administration.
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Taking over in 2025, Dr. Asiama articulated that the singular focus of his team was on stabilization. “We tightened policy, sterilized liquidity, and spoke frankly with the markets and citizens alike. Behind those numbers is the story of a country that chose discipline over despair,” he stated with conviction. He shared that, thanks to concerted efforts, inflation has now dramatically decreased to 8 percent, marking the first single-digit rate since 2021. Additionally, foreign reserves had increased to US$11.4 billion, providing 4.8 months of import cover as of September 2025. The Cedi has appreciated 34.9 percent year-to-date, reversing the 19.2 percent depreciation observed in 2024. Furthermore, Ghana’s trade surplus has significantly increased to US$6.2 billion during the first eight months of 2025, with the current account projected to reach a 5 percent surplus of GDP.
He cautioned that he does not share these statistics as a form of self-congratulation, but rather as a demonstration of principle: “Credibility and transparency work.” Dr. Asiama articulated that discipline and patience are crucial elements in the journey towards economic stability. “But numbers tell only part of the story. The harder part is leadership—the quiet resolve to stay the course when the path is least certain,” he asserted.
Continuing his discourse on leadership in modern central banking, Dr. Asiama elaborated on the notion that true leadership is distilled not from favorable statistics, but from navigating moments of uncertainty. He remarked that every central bank governor has experienced that profound silence that follows a rate hike, awaiting the markets’ reactions, and the inevitable stir of criticism that follows. “Those moments define leadership. And we have all faced them,” he explained.
He cited the year 2022 as a critical example when inflation surged globally, resulting in African central banks often being swift to act. “Over twenty of us raised rates by an average of 750 basis points between 2022 and 2024—faster, sometimes braver, than our advanced-economy peers. That was credibility in action—not because we were instantly right, but because we were consistently resolute,” he said.
However, he emphasized that conviction alone is insufficient for achieving stability. He articulated the necessity of collaboration, stating that stability hinges not only on the courage to act but also on the discipline to work together. “At the Bank of Ghana, we have learned that independence is not isolation. Monetary and fiscal authorities are like two drummers playing different rhythms; yet stability demands harmony,” he elaborated.
He further explained that the policy decisions made now are heavily influenced not just by inflation forecasts but also by fiscal signals and debt sustainability considerations. The aim is to achieve disciplined coordination, avoiding political interference. “As one colleague put it, ‘You cannot fight inflation with one hand while financing deficits with the other.’ I couldn’t agree more,” he affirmed.
Dr. Asiama concluded his insights by addressing the often-overlooked aspect of leadership in central banking: communication. He remarked that markets are influenced not only by actions taken but also by the clarity and understanding of those actions. “The Bank of England taught the world that transparency breeds predictability, and predictability builds trust. In our context, transparency must wear local clothes,” he said, emphasizing the need for communication to be relatable and understandable for the general public.
He urged his colleagues to remember that a single statement from a governor can have a significant impact on market perceptions and behaviors. “As I often tell my team, ‘A policy is only credible when it makes sense to the woman selling tomatoes down the road,’” he concluded. As the conference progressed, he expressed hope that the deliberations would yield more than mere resolutions, desiring instead that they deepen mutual trust and collaboration among their central banking institutions.
Overall, the conference represented a unique opportunity not only to celebrate Ghana’s achievements but also to reflect on the challenges and opportunities facing Africa as a continent. It served as a reminder of the complexity of economic governance and the vital importance of unity among central banks in navigating the evolving global economic landscape. The resilience and commitment of leaders like Clare Lombardelli and Dr. Johnson Asiama inspire a shared vision for economic stability and prosperity across the region.
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