Ghanaian Cedi

Ghanaian Cedi

Ghanaian Cedi overview

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.

1 GHS to USD exchange rates chart

GHS to  exchange rates chart

Ghanaian Cedi 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.

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.

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.

2 months conditional neutral
What you need to know about buying and selling bitcoin in Ghana

Yen.com.gh News ☛ Understanding how to ★SELL BITCOIN IN GHANA★ is a plus for anyone willing to make money out of buying and selling of this digital currency. Bitcoin has been gaining popularity with its value attracting more investors from Ghana.

2 months indicative positive
Cedi Not Falling; Dollar Getting Stronger – PEF CEO

Cedi Not Falling; Dollar Getting Stronger – PEF CEO

2 months conditional positive
Economist blames black market operators for depreciating cedi

An economist has called on the Bank of Ghana to immediately introduce new forex regulations aimed at stopping the activities of black market forex traders who he says are primarily responsible for the depreciation of the Ghana cedi.

2 months conditional neutral
Fall of cedi risks disrupting Ghana’s financial market - Chamber of Commerce warns
Fall of cedi risks disrupting Ghana’s financial market - Chamber of Commerce warns

The Ghana Chamber of Commerce and Industry is warning of a severe crisis in the private sector should the government fail in dealing with the fall of the Ghana cedi against major currencies.

2 months conditional negative

GHS currency converter