GHANAIAN CEDI

The 'cedi' is the unit of currency of Ghana. One cedi is divided into one hundred pesewas. The present cedi was introduced on July 3, 2007, and was equal to 10,000 old cedi. It is presently Africa's highest valued currency unit.
The word "cedi" is derived from the Akan word for cowry shell. Cowry shells were once used in Ghana as a form of currency.
A number of Ghanaian coins have also been issued in Sika denominations. These are probably best considered as "medallic" coinage, and may have no legal tender status. The word sika means "money".

Contents

Currency sign

History

First cedi, 1965-1967

Second cedi (GHC), 1967-2007

Third cedi (GHS), 2007-

Coins

First cedi

Second cedi

Third cedi

Banknotes

First cedi

Second cedi

Third cedi

Exchange rate history

Second cedi

Third cedi

See also

References

External links

Currency sign

The cedi symbol resembles the cent sign (¢), but it is taller, narrower, and its bar is vertical, not diagonal. The symbol was accepted for encoding in Unicode as 'U+20B5' in 2004. However, because many fonts do not provide this character, the cent sign is often used as a replacement for the cedi.
The cedi sign is not to be confused with the colón sign ₡, which has a code point 'U+20A1' in Unicode (or 8353 in decimal); or the cent sign ¢, which has a code point 'U+00A2' in Unicode (or 162 in decimal).

History

''For earlier Ghanaian currency, see Gold Coast ackey.''

First cedi, 1965-1967

The first cedi was introduced in 1965, replacing the pound at a rate of 2.4 cedi = 1 pound, or 1 pesewa = 1 penny. The first cedi was pegged to the British pound at a rate of 2.4 cedis = 1 pound.

Second cedi (GHC), 1967-2007

The first cedi was replaced in 1967 by a 'new cedi' which was worth 1.2 first cedis. This allowed a decimal conversion with the pound, namely 2 second cedis = 1 pound. The change also provided an opportunity to remove Kwame Nkrumah's image from coins and notes.
The second cedi was initially pegged to the British pound at a rate of 2 cedi = 1 pound. However, within months, the second cedi was devalued to a rate of 2.45 second cedi = 1 pound, less than the value of the first cedi. This rate was equivalent to 1 cedi = 0.98 US dollars and the rate to the dollar was maintained when the British pound was devalued in November 1967. Further pegs were set of $0.55 in 1971, $0.78 in 1972 and $0.8696 in 1973 before the currency floated in 1978. High inflation ensued.
In 1979, a currency confiscation took place. New banknotes were issued which were exchanged for old at a rate of 10 old for 7 new. Coins and bank accounts were unaffected.
A second confiscation took place in 1982, when the 50 cedi note (the highest denomination) was demonetized. Ghanaians could exchange any number of 50 cedi notes for coins or other banknotes without loss but foreigners could not make any exchange. This was intended to disincetivise the flourishing black market.

Third cedi (GHS), 2007-

On July 3, 2007, a third cedi was introduced, worth 10,000 second cedis.
Government website on redenomination The external purchasing power of the old and new currencies are the same; the cedi was neither devalued nor re-valued, only redenominated. Because of this change, Ghana's currency became one of the highest valued currency units from one of the least valued currency units.
A new ISO currency code GHS was also introduced on this date. In addition, the central bank named the third cedi the Ghana Cedi and assigned the symbol GH₵ to distinguish it from the second cedi, currently known as the cedi with the symbol ₵. The Ghana cedi will, from January 2008, be simply known as the cedi. Central Bank website on redenomination

Coins

First cedi

First cedi coins were issued in denominations of 5, 10, 25 and 50 pesewas. Smaller denominations were not needed as the ½ and 1 penny continued to circulate as ½ and 1 pesewa. All coins bore the portrait of Kwame Nkrumah.

Second cedi

Pesewa coins

Cedi coins

In 1967, coins for the second cedi were introduced in denominations of ½, 1, 2½, 5, 10 and 20 pesewas. In 1979, coins for 50 pesewas and 1 cedi were introduced. These were replaced in 1984 by smaller types alongside a new 5 cedi coin. All these early issues have since fallen out of circulation due to inflation.
In 1991, 10, 20, 50 and 100 cedi coins were introduced, followed by 200 and 500 cedis in 1996. These six denominations are still in circulation. However, the 10 cedis (~0.1 US cents) and 20 cedis (~0.2 US cents) coins are not seen much due to their small value.

Third cedi

The new coins are 1 pesewa (100 old cedi), 5 pesewa (500), 10 pesewa (1000), 20 pesewa (2000), 50 pesewa (5000) and 1 cedi (10,000).

Banknotes

All Ghanaian banknotes are issued by the Bank of Ghana.

First cedi

In 1965, banknotes were issued denominated in the first cedi in values of 1, 5, 10, 50, 100 and 1000 cedis. All except the 1000 cedis bore a portrait of Kwame Nkrumah.

Second cedi

The first issue of banknotes, dated 1967, was in denominations of 1, 5 and 10 cedis. A second series, introduced in 1972 and 1973, consisted of 1, 2, 5 and 10 cedi notes. The 1979 series, for which old notes were exchanged at a reduced rate (see above) consisted of 1, 2, 5, 10, 20 and 50 cedi banknotes.
In 1983, a new banknote series was introduced in denominations of 10, 20, 50, 100 and 200 cedis. Higher denomination banknotes were later introduced: 500 cedis (1986), 1000 cedis (1991), 2000 cedis (1995), 5000 cedis (1996), 10,000 and 20,000 cedis (2002). In 2005, banknotes in circulation were 1000, 2000, 5000, 10,000 and 20,000 cedis.

Third cedi

The new currency is denominated in Ghana cedi (GH₵), a unit equal to 10,000 old cedi, and Ghana pesewa (Gp), equal to 1/100 Ghana cedi or 10,000 old pesewa (100 old cedi). Banknotes are issued in GH₵1, GH₵5, GH₵10, GH₵20, and GH₵50 denominations. Old currency will be withdrawn beginning in July 2007, and after a six month transition may only be exchanged at banks and will no longer be legal tender. The Bank of Ghana has launched a website on this re-denomination campaign.

Third cedi [1]
Image	Value	Dimensions	Main Colour	Description		Date of issue
				Obverse	Reverse
	1 cedi	137 × 65 mm	Red	The Big Six, Independence Arch	Akosombo Dam	July 3, 2007
	5 cedi	141 × 68 mm	Blue		Balme Library: University of Ghana
	10 cedi	145 × 71 mm	Yellow-green		Bank of Ghana
	20 cedi	149 × 74 mm	Purple		Supreme Court
	50 cedi	153 × 77 mm	Brown		Christianborg Castle

Exchange rate history

This table shows the historical value of one U.S. dollar in Ghanaian cedis:

Second cedi

Date	Cedi per US $	Date	Cedi per US $
1965	0.824 ★	1967	0.714 ★
1970s	~1.000 (0.833 to 1.111)	1980	2.80
1983	30.00 (Oct 83)	1984	35.00 (Mar 84); 38.50 (Aug 84); 50 (Dec 84)
1985	50 - 60	1986	90
1987	150 - 175	1988	175 - 230
1989	230 - 300	1990	300 - 345
1991	345 - 390	1992	390 - 520
1993	555 - 825	1994	825 - 1050
1995	1050 - 1450	1996	1450 - 1750
1997	1750 - 2250	1998	2250 - 2350
1999	2350 - 3550	2000	3550 - 6750
2001	6750 - 7300	2002	7300 - 8450
2003	8450 - 8850	2004	8850 - 8900
2005	8900 - 9500	2006	9050 - 9600
2007	9600 - 9300
★ First cedi

Third cedi

Date	Cedi per US $	Date	Cedi per US $
2007	0.9214

See also

★ Highest valued currency unit

★ Economy of Ghana

★ Previous Ghana currencies:

★
★ British West African pound

★
★ Ghanaian pound

References

External links

★ Information on the Cedi, Bank of Ghana

★ Information on the new cedi issue