Ghanaian Cedi

Ghanaian Cedi

The Ghanaian cedi (currency sign: GH₵; currency code: GHS) is the unit of currency of Ghana. It is the fourth historical and only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas (Gp). After it gained independence Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. The new republic's first independent currency was the Ghanaian pound (1958-1965). In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. The African name Cedi (1965-1967) was introduced in place of the old British pound system. Ghana's first President Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and pence. The cedi was equivalent to eight shillings and four pence (8s 4d) and bore the portrait of the President. After the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes. The "new cedi" (1967-2007) was worth 1.2 cedis which made it equal to half of a pound sterling at its introduction. After decades of high inflation devalued the new cedi, it was gradually phased out in 2007 in favor of the "Ghana cedi" at an exchange rate of 1:10,000. In 2007 the largest of the new cedi banknotes, the 20,000 note, had a value of about US$2. By removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa. It has since lost about 75% of its value.

British Pound

British Pound

The pound sterling (symbol: £; ISO code: GBP), commonly known as the pound and less commonly referred to as Sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 pence (singular: penny, abbreviated: p). A number of nations that do not use sterling also have currencies called the pound. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception.Sterling is the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the Chinese yuan it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is also the third most-held reserve currency in global reserves (about 4%).The British Crown dependencies of Guernsey, Jersey and the Isle of Man produce their own local issues of sterling (the Guernsey pound, the Jersey pound and the Manx pound) which are considered fully equivalent to UK sterling in their respective regions. The pound sterling is also used in Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound), Saint Helena and Ascension Island in Saint Helena, Ascension and Tristan da Cunha (alongside the Saint Helena pound). The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Banknotes issued by other jurisdictions are not regulated by the Bank of England; local governments use Bank of England notes as backing for local issuance by allowing them to be exchanged 1:1 at face value.

6 Ghanaian Cedi to British Pound exchange rates chart

6 GHS to GBP exchange rates graph
6 GHS to GBP Spot rate – This is known more formally as the ‘interbank’ rate. It is the rate banks or large financial institutions charge each other when trading significant amounts of foreign currency. In the business, this is sometimes referred to as a ‘spot rate’. It is not the tourist rate and you cannot buy currency at this rate, as you are buying relatively small amounts of foreign currency. In everyday life it is the same as the difference between wholesale and retail prices. The rates shown in financial newspapers and in broadcast media are usually the interbank rates.

6 GHS to GBP exchange rates table

Exchange GHS to GBP
6 Ghanaian Cedi = 0.962 British Pound
12 Ghanaian Cedi = 1.924 British Pound
30 Ghanaian Cedi = 4.811 British Pound
60 Ghanaian Cedi = 9.622 British Pound
Exchange Ghanaian Cedi to British Pound
6 Ghanaian Cedi to British Pound Cross rate – This is the rate we give to customers who want to exchange currencies that do not involve the local currency. For example, if you want to exchange Australian dollars into US dollars.

6 GHS to GBP exchange rates news

It's Bad; Times Are Really Hard In Ghana – Yvonne Nelson

It's Bad; Times Are Really Hard In Ghana – Yvonne Nelson

about 1 month indicative negative
Cedi, 7 Others Appreciate Against Dollar

Cedi, 7 Others Appreciate Against Dollar

about 2 months indicative neutral
Recent cedi depreciation is temporary - BoG Official

The recent blip in the foreign exchange market that saw a slight depreciation of the cedi against the dollar is short-term and a reflection of a spillover from external developments, an official of the Bank of Ghana has said.

about 2 months conditional positive
Akufo-Addo’s cedi performance in 18 months impressive than NDC’s 6 years – Ofori-Atta

The Finance Minister, Ken Ofori-Atta says although the cedi has come under extreme external pressure, its performance in the past 18 months under the Akufo-Addo-led administration is one of the best.

about 2 months indicative positive
The invisible hand of government in cedi depreciation

As the normal principle of economics says, when a domestic currency depreciates it makes the prices of goods and services decline compared to the international prices.

about 2 months conditional neutral
Jamaican dollar declines 10 cents vs greenback

The Jamaican dollar devalued by 10 cents against the United States dollar during Wednesday’s trading, according to the trading summary from the Bank of Jamaica (BOJ)

6 days indicative negative
Forex reserves hit high in December | Economics | FOCUS TAIWAN - CNA ENGLISH NEWS

Taipei, Jan. 4 (CNA) Taiwan's foreign exchange reserves hit another all-time high at the end of December because of an increase in returns on the portfolio managed by Taiwan's central bank, the bank said Friday.

12 days indicative neutral

6 GHS to GBP currency converter