Ghana Currency

The Ghanaian cedi is the standard unit of Ghana currency. It is the fourth historical currency and only current legal currency in the Republic of Ghana. One cedi is equal to one hundred pesewas. After the country gained independence Ghana separated itself from the British African pound, which was the currency of the British in the region at that time and now as well. The new republic's first Ghana currency was the Ghanaian pound from 1985.

History of Ghana Currency

In 1965, Ghana decided to separate from the British colonial monetary system, and they decided to adopt the widely accepted decimal system. The African name called Cedi (1965-1967) was introduced instead of the old British pound system. Ghana's President Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the pounds, shillings, and pence. The cedi was equal to eight shillings and four pence (8s 4d) and had the portrait of the President.

Official Currency of Ghana

The "new cedi" which is official Ghana currency (1967-2007) was equal to 1.2 cedis which made it equal to half of a pound sterling when it was introduced. After ten years of high inflation devalued the new cedi, it was gradually ended out in 2007 in place of the "Ghana Cedi" at an exchange rate of 1:10,000. In 2007 the largest of the cedi banknotes, the 20,000 note, had a value of around US$2. By removing four digits from it, the Ghana currency cedi became the highest-denominated Ghana currency unit issued in Africa. It has since lost about 75% of its original value.

Popular Countries

Saudi Arabia UAE United Kingdom