Ghana cedi
Worldwide use:
- Ghana
Description:
The official currency of Ghana is the Ghana Cedi. One Ghana Cedi is worth 100 Ghana Pesewas. Coins come in 1, 5, 10, 20 and 50 Pesewas and 1 Cedi. Banknotes are available in 1, 2, 5, 10, 20 and 50 Cedis. All the banknotes have one portrait on the front comprising six distinguished Ghanaians who spearheaded the struggle for Ghana's independence.
Some 'Sika' coins also exist in Ghana. These are not legal currency, but are commemorative coins.
Origin:
The Guana Cedi was first established in 1965 to replace the Pound. However, this was quickly replaced by a new version in 1967 to simplify the exchange rate and also to remove images of the previous president from its coins and banknotes. However, the second Cedi was troubled by hyperinflation and it devalued quickly. Originally, one Cedi was worth 0.98 US Dollars but by 2007 the exchange rate was 9500 Cedis to 1 US Dollar. This lead to the introduction of a third currency, also called the Cedi. 10,000 old Cedis were worth one new Cedi at the time. Today (2014) there is still little confidence in the currency and it has lost 23% of its value over the past 12 months.
Component units:
- Pesewa (100)
Date introduced:
- 2007
Central bank:
- Bank of Ghana
Printer:
- Bank of Ghana
Mint:
- Bank of Ghana
