Ghanaian cedi
| Ghanaian cedi | |
|---|---|
Cedi banknotes
|
|
| ISO 4217 | |
| Code | GHS |
| Denominations | |
| Subunit | |
| 1/100 | Ghana pesewa |
| Symbol | GH₵ (Also often GH¢) |
| Ghana pesewa | Gp |
| Banknotes | GH₵1, 2, 5, 10, 20, 50 |
| Coins | 1, 5, 10, 20, 50Gp, GH₵1 |
| Demographics | |
| User(s) |
 Ghana
|
| Issuance | |
| Central bank | Bank of Ghana |
| Website | www |
| Valuation | |
| Inflation | 17% |
| Source | Ghana Statistical Service |
The Ghanaian cedi (currency sign: GH₵; currency code: GHS) is the unit of currency of Ghana. It is the fourth and only legal tender in the Republic of Ghana. One Ghana 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 14, 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 cedi which made it equal to half of a pound sterling at its introduction. After decades of high inflation had 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.
The word cedi is the Akan word for cowry shell which were formerly used as currency in what is now Ghana. The Monetaria moneta or money cowry is not native to West African waters but is a common species in the Indian Ocean. The porcelain-like shells came to West Africa, beginning in the 14th century, through trade with Arab merchants. The shells became an important currency in the slave trade. The first modern coins exclusively used at the Gold Coast was produced in 1796 but cowries was used alongside coins and gold dust as currency until 1901.
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Wikipedia