Ghanaian Cedi (GHS)

Basic Concepts of the Ghana Cedi

The Ghana Cedi is the official currency of the Republic of Ghana, issued and managed by the Bank of Ghana. Its currency code is GHS and its symbol is "₵". The cedi was first introduced in 1965, replacing the previous Ghana Pound, in an effort to simplify the monetary system and promote economic independence.

Countries and Regions of Use

The Ghanaian cedi circulates and is used primarily within the Republic of Ghana. Ghana is located in West Africa and is one of the economic centers of the region, so the cedi is also involved in border trade with neighboring countries, but only informally.

Currency Units and Denominations

The Ghanaian cedi is divided into a primary unit, the cedi, and a secondary unit, the pesewa, with one cedi equaling 100 pesewas. Currently, banknotes are in circulation in denominations of 1, 2, 5, 10, 20, 50, 100 and 200 cedis, while coins are available in denominations of 1 cedi as well as 1, 5, 10, 20 and 50 pesewas, which are convenient for small daily transactions.

Historical Background

The Ghanaian cedi was first introduced in 1965, replacing the Ghana Pound to simplify monetary calculations in a decimal system.In 2007, Ghana undertook a revaluation of its currency and issued the New Cedi in response to high inflation, with one New Cedi being equivalent to 10,000 Old Cedis, to help stabilize the economy and restore public confidence in the currency.