Head of Currency at the Bank of Ghana (BoG), Dominic Owusu has explained why the Ghana cedi is currently printed abroad and not in the country.

According to him, the country lacks the infrastructure needed to print banknotes that matches up with international standards.

In an exclusive interview with GhanaWeb Business during the launch of Cedi@60 celebration in Accra on October 28, 2025, Mr Owusu revealed that there are just a few companies in the whole wide world with technologies to print legal tenders.

“Currency printing is not only Ghana who prints its currency outside. I think in the world, I can count not more than 20 printers, so it means that every country, some countries, print,” he said.

The Head of Currency at BoG also disclosed that the government is working around the clock to engage international partners for the establishment of such equipment here in the country.

“Even if you have a printing facility, you would still be importing all the raw materials. I can tell you for sure that Nigeria has a printing facility but they import a lot of their money. So, looking at where we are and the rate of technological advancement, you want to relax and then do very good contract obligations with the best printers in the world and print the best currency, which the Ghana cedi is also part of,” he stated.

The Ghanaian cedi marked its 60th anniversary on Tuesday, October 28, symbolizing the nation’s economic independence. To commemorate the milestone, the Bank of Ghana (BoG) held an official launch at the Accra International Conference Center under the theme, “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience.”

The celebration represented Ghana’s economic journey and resilience over the past six decades. Vice President Jane Naana Opoku-Agyemang graced the occasion alongside other government officials.

Since its introduction on July 19, 1965, the cedi has undergone several reforms and redesigns to reflect the nation’s evolving economic landscape.

Speaking at the event, the BoG Governor, Johnson Pandit Asiama, noted that the celebration aims to rekindle public confidence in the national currency.

Meanwhile, the Bank of Ghana will begin selling portions of its gold reserves in exchange for foreign currency to banks and other market participants under its Domestic Gold Purchase Programme.

According to the BoG, only approved banks will be permitted to participate in the auctions, which are scheduled to take place every week. Speaking at a meeting with heads of commercial banks in Accra, the Governor of the Bank of Ghana, Dr. Johnson Asiama, said the exercise will be fair and transparent to ensure equal access for all market participants.

“Beginning October 2025, the Bank of Ghana will commence foreign exchange (FX) intermediation under the Domestic Gold Purchase Programme, with plans to sell up to US$1.15 billion for the month. These sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks,” he said.

The Ghana cedi’s strong performance was a central theme highlighted by President John Mahama in an interaction with potential investors in Singapore and Japan, barely a week ago. President Mahama emphasised the robust performance of the local currency to underscore Ghana’s macroeconomic stability and attractiveness as a destination for foreign capital.

However, the cedi’s brief gains have proven short-lived, after its rapid depreciation made it the worst-performing currency in a latest report by a global financial news outlet, Bloomberg. According to Bloomberg’s recent report released on Thursday, September 4, the Ghana cedi is the worst-performing currency among all trading currencies, attributing the depreciation to a surge in demand for dollars by companies paying for imports. “A surge in demand for dollars by companies paying for imports has ended the Ghana cedi’s recent strong performance,” Bloomberg said.

Bloomberg explained that the new development is attributed to the“strong gold prices”, while emphasizing that Ghana’s cedi has seen more than a ten percent (10%) depreciation in the current quarter. This, Bloomberg noted has erased the fifty percent gain against the dollar in April and June, Bloomberg detailed. According to the Bloomberg the cedi traded 0.1 per cent weaker at GH¢11.9507 per dollar at 1:50 a.m. Despite the losses, it has gained 23 per cent so far this year.

“Now, the currency, which had ranked first globally on the back of strong gold prices, has weakened by 13 per cent in the current quarter. Bloomberg data showed this was the steepest fall worldwide, erasing part of the 50 per cent gain recorded between April and June”, the report said.

But Bloomberg has indicated that “Despite the losses, it has gained 23 per cent so far this year based on market data. Reacting to Bloomberg’s report, the Bank of Ghana (BoG), noted “The cedi should be stable within a reasonable range,” the central bank said in an emailed response. Our role is to ensure fluctuations remain orderly, that they reflect fundamentals, and that they do not undermine confidence in the broader economy”.

Bloomberg in April this year, ranked the cedi as the best-performing currency with a sixteen per cent (16%) gain against the dollar. What made the cedi earn the tag as the worst-performing currency is as a result of it seeing the steepest decline on the global level. The cedi’s appreciation in the last eight months helped ease inflationary pressures, pushing consumer inflation down to 21.2 per cent, the lowest in eight months at the time.

Ghana’s import-dependent economy brings in a wide range of goods, from food to machinery, with demand typically rising toward the end of the year as businesses prepare for the Christmas season. The higher demand for dollars has piled pressure on the cedi, while the Bank of Ghana’s (BoG) limited supply of foreign exchange has added to the strain.

Head of Market-Risk Management at UMB Bank, Mr Hamza Adam, said banks that submitted dollar requests on behalf of clients to the Bank of Ghana last week received only half of what they asked for.

“This week the central bank is trying to meet all demand,” he said by phone from Accra on September 3, 2025.

Before Bloomberg reported on the cedi, BoG addressed the concerns of Ghanaians concerning the fast depreciation of the cedi, calling for calm. Bank of Ghana Governor, Dr. Johnson Asiama, during an interview with Joy Business, which was aired on Wednesday, August 27, mentioned that the current depreciation of the cedi was temporary, assuring a comeback soon.

"The Bank of Ghana operates a managed floating system in terms of framework; therefore, these blips will happen. But the assurance is that this is a short-term issue, and the challenges are being addressed," he assured.