Ghanaian Cedi (GHS)
Ghanaian Cedi information, convert to all major global currencies, check exchange rates for GHS with the SendWave Currency Converter calculator.
The Ghanaian Cedi (GHS) is the currency of Ghana, and is represented by the GH¢ symbol. Today, the most popular Ghanaian Cedi exchange is GHS to USD. Although the currency is young, it has been redenominated several times – this is due to the country’s cycle of debt spending, and the vacillating price of oil exports.
The Ghanaian Cedi GHS
The Ghanaian Cedi (GHS) is the currency of Ghana, and is represented by the GH¢ symbol. Today, the most popular Ghanaian Cedi exchange is GHS to USD. Although the currency is young, it has been redenominated several times – this is due to the country’s cycle of debt spending, and the vacillating price of oil exports.
Key characteristics of the Ghanaian Cedi
ISO currency code | GHS |
|---|---|
Common names | Cedi |
Symbol | GH¢ |
Minor unit | Ghana Pesewa (Gp) |
Coin denominations | 10Gp, 20Gp, 50Gp, GH¢1 |
Bank note denominations | GH¢5, GH¢10, GH¢20, GH¢50, GH¢1 |
Central Bank | Bank of Ghana |
A brief history of the Ghanaian Cedi
The Ghanaian Cedi was introduced in 1965, when then country abandoned the British pound (8 years after gaining independence from the UK). However political turbulence, high inflation, and an eventual coup saw the Cedi re-denominated – effectively relaunched.
In 2007, the Bank of Ghana re-denominated the Cedi again. And throughout the 2010s the Cedi was especially volatile, losing value rapidly. However, a $918 million loan from the International Monetary Fund (IMF) in 2015 helped the currency regain some buoyancy.
3 fun facts about the Ghanaian Cedi
#1 A cash cow-ry
‘Cedi’ derives its name from the Akan word for ‘cowry shell’. These shells were once used as a trading commodity, and form of wealth, until British colonisers demonetised the objects.
#2 Oil can make cedi ‘slip’
Ghana is a leading West African Economy, exporting both oil and gold. However, the volatility of oil prices can impact the strength of the nation’s currency.
#3 The price of freedom
All Ghanaian cedi notes feature a group portrait of the ‘Big Six’ Ghanaians responsible for spearheading the journey toward Ghanaian independence in 1957. These are: Kwame Nkrumah, Emmanuel Odarkwei Obetsebi Lamptey, William Ofori Atta, Edward Akufo-Addo, Ebenezer Ako Adjei, Joseph Boakye Danquah.
Which countries use the Ghanaian Cedi?
The Ghanaian Cedi is official currency in: Ghana.
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