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Ghanaian cedi

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Ghana cedi
currency
Subclass ofBank of Ghana Edit
Year dem found am19 July 1965 Edit
Dem name aftercowrie currency Edit
CountryGhana Edit
Edey de administrative territorial entity insydGhana Edit
Dey apply to jurisdictionGhana Edit
Currency symbol descriptioncedi sign Edit
Central bank/issuerBank of Ghana Edit
Dey replaceGhanaian pound Edit
Tym dem start19 July 1965 Edit
Unit symbol Edit

De cedi (/ˈsiːdiː/ SEE-dee, dem pronounce am de same way as CD) (currency sign: GH₵; currency code: GHS) be de unit of currency of Ghana. Ebe de fourth historical den only current legal tender insyd de Republic of Ghana. One cedi dem divide am into one hundred pesewas (Gp).

After independence, Ghana separate ein self from de British West African pound, wey na ebe de currency give de British colonies insyd de region. De new republic ein first independent currency be de Ghanaian pound (1958–1965). Insyd 1965, Ghana decide say ego leave de British colonial monetary system den adopt de widely accepted decimal system. De African name Cedi (1965–1967) dem introduce say efor come replace de old British pound system. Ghana ein first Presido Dr. Kwame Nkrumah come introduce de Cedi notes den Pesewa coins insyd July 1965 say efor replace de Ghanaian pounds, shillings den pence. De cedi dey carry de portrait of de President den ebe equivalent to eight shillings den four pence (8s 4d), i.e. one hundred old pence, so say 1 pesewa be equal to one penny.

After de February 1966 military coup, de new leaders wan remove de face of Nkrumah from de banknotes. De "new cedi" (1967–2007) dey worth 1.2 cedis, wey make am equal to half of pound sterling (or ten shillings sterling) as at de tym of ein introduction. Decades of high inflation devalue de new cedi, so dat in 2007 de largest of de "new cedi" banknotes, de 20,000 note, get value of about US$2. De new cedi gradually phase out insyd 2007 say e favor of de "Ghana cedi" for exchange rate of 1:10,000. By removing four digits, de Ghana cedi cam turn de highest-denominated currency unit dem issue insyd Africa. Ebe since den eloose over 90% of ein value.

Cedis house Ghana

Etymology

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De word cedi be de Akan word give cowry shell. Dem formerly use Cowries (plural of cowry) for wat now be Ghana. De Monetaria moneta anaa money cowry no be native to West African waters but ebe common species for de Indian Ocean insyd. De porcelain-like shells cam West Africa, beginning of de 14th century insyd, thru trade plus Arab merchants. Dem produce de first modern coins dem use exclusively for de Gold Coast for 1796 insyd but dem use cowries alongside coins den gold dust as currency til 1901.[1]

History

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First cedi, 1965–1967

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First cedi
Preceded by:

Ghanaian pound

Reason: decimalisation

Ratio: 2.4 first cedi = 1 pound, anaa 1 pesewa = 1 penny

Currency of Ghana

19 July 1965 – 22 February 1967

Succeeded by:

Second cedi

Reason: convenience of exchange den opportunity make dem remove Kwame Nkrumah from coins den notes

Ratio: 1 second cedi = 1.2 first cedis

Dem introduce de first cedi for 1965 insyd, dem replace de pound for rate of 2.4 cedi = 1 pound, anaa 1 pesewa = 1 penny. Dem peg de first cedi to sterling for rate of 2.4 cedis = £1, anaa 8s 4d per cedi.

Second cedi (GHC), 1967–2007

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Second cedi (New cedi)
Preceded by:

First cedi Reason: convenience of exchange den opportunity make dem remove Kwame Nkrumah from coins den notesRatio: 1 second cedi = 1.2 first cedis = 10 shillings

Currency of Ghana

23 February 1967 – 2 July 2007

Succeeded by:

Third cedi Reason: inflationRatio: 1 third cedi = 10,000 second cedis

Third cedi (GHS), 2007–present

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Third cedi (Ghanaian cedi)
Preceded by:

Second cedi Reason: inflationRatio: 1 third cedi = 10,000 second cedis

Currency of Ghana

2 July 2007 – Present

Succeeded by:

Current

Coins

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First cedi (1965–67)

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First cedi

(Legal tender: 1965–67)

Image Value Description Date of issue
Obverse & Reverse Obverse Reverse Metal Weight Diameter Edge
5 pesewas Kwame Nkrumah

(Lettering:)

CIVITATIS GHANIENSIS CONDITOR

(de Founder of Ghana)

KWAME NKRUMAH

Five-pointed star

(Lettering:)

De value of de coin

&

1965

Copper-nickel 4.1 g 22 mm Smooth 19 July 1965
10 pesewas 3.2 g 20 mm Milled
25 pesewas 8.65 g 27.4 mm
50 pesewas 13.9 g 32 mm Reeded


Second cedi

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Second cedi

(Legal tender: 1967–2007)

Image Value Description Years of issue
Obverse & Reverse Obverse Reverse Metal Weight Diameter Edge
1⁄2 pesewa Adowa drums

(Lettering:)

GHANA

FREEDOM AND JUSTICE

Five-pointed star

(Lettering:)

De value of de coin

&

De year of issue

Bronze 2.9 g 20.2 mm Smooth 1967
1 pesewa 5.72 g 25.47 mm 1967–1979
2+1⁄2 pesewas Cacao fruits

(Lettering:)

GHANA

FREEDOM AND JUSTICE

De shield from de Coat of arms of Ghana

(Lettering:)

De value of de coin

&

De year of issue

Copper-nickel 3.2 g 19.5 mm 1967
5 pesewas 2.85 g 19 mm Reeded 1967–1975
10 pesewas 5.6 g 23.5 mm 1967–1979
20 pesewas 11.2 g 28 mm
50 pesewas 12.5 g 32 mm Milled 1979
1 cedi Cowry shell

(Lettering:)

GHANA

FREEDOM AND JUSTICE

Brass 11.9 g 30 mm Smooth

Banknotes

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First cedi (1965–67)

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First cedi

(Legal tender: 1965–67)

Image Value Description Date of issue
Obverse & Reverse Obverse Reverse
1 cedi Kwame Nkrumah Bank of Ghana 19 July 1965
5 cedis Supreme Court
10 cedis Independence Arch
50 cedis Seashore, Palms
100 cedis Kumasi Central Hospital
1,000 cedis

(Dem use for Interbanking Transactions per)

Black Star Bank of Ghana

Second cedi (1967–2007)

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1967 to 1979

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Second cedi – 1st series

(Legal tender: 1967–79)

Image Value Description Years of issue
Obverse & Reverse Obverse Reverse
1 cedi Cocoa Shield den sword 1967–1971
5 cedis Fauna carvings Fauna carvings 1967–1969
10 cedis Art projects Statuettes 1967–1970
Second cedi – 2nd series

(Legal tender: 1972–79)

Image Value Description Years of issue
Obverse & Reverse Obverse Reverse
1 cedi Young girl Cocoa farmer 1973–1978
2 cedis Farmer Fishermen 1972–78
5 cedis Woman Larabanga mosque 1973–1978
10 cedis Pipe smoker Akosombo Dam

1979 to 2007

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Second cedi – 3rd series

(Legal tender: 1979–2007)

Image Value Description Years of issue
Obverse & Reverse Obverse Reverse
1 cedi Young man Basket weaver 1979–1982
2 cedis Schoolgirl Field workers
5 cedis Old man Lumberers
10 cedis Young woman Fishermen
20 cedis Miner Kente weaver
50 cedis

(Dem demonetize am insyd 1982)

Old man Cocoa farmers 1979–1980
Second cedi – 4th series

(Legal tender: 1983–2007)

Image Value Description Years of issue
Obverse & Reverse Obverse Reverse Start End
10 cedis W. O. II Larbi, Fred Otoo, E. Kwasi Nukpor Rural bank building 1984 1984
20 cedis Queen Mother Yaa Asantewaa Miner, army officer, student, demonstrators 1986
50 cedis Young man Workers drying grain 1983
100 cedis Woman Loading produce 1991
200 cedis Old man Teacher den students 1993
500 cedis Black star, fist, den "Gye Nyame" Cocoa den miner 1986 1994
1,000 cedis Diamonds Cocoa harvest 1991 2003
2,000 cedis Adomi Bridge Fishermen 1994 2006
5,000 cedis Coat of arms of Ghana Cargo ships den logs
10,000 cedis The Big Six Independence Arch 2002
20,000 cedis Ephraim Amu National Theatre of Ghana

Third cedi (2007–present)

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Third cedi
Image Value Dimensions Main Colour Description First issued
Obverse & Reverse Obverse Reverse
1 cedi 137 × 65 mm Red De Big Six, Independence Arch Akosombo Dam 3 July 2007
2 cedis 140 × 67 mm Beige Kwame Nkrumah Parliament House 14 May 2010
5 cedis 141 × 68 mm Blue The Big Six, Independence Arch University of Ghana, The Balme Library 3 July 2007
5 cedis 147 × 68 mm Blue James Emman Kwegyir Aggrey Kwame Nkrumah vessel for Tweneboa, Enyenra, den Ntomme oil fields insyd 7 March 2017 (commemorative issue)

4 August 2017 (regular issue)

10 cedis 145 × 71 mm Yellow-green The Big Six, Independence Arch Bank of Ghana 3 July 2007
20 cedis 149 × 74 mm Purple Supreme Court
50 cedis 153 × 77 mm Brown Christiansborg Castle
100 cedis 157 x 80 mm Cyan The Big Six, Independence Arch Interior of de Parliament of Ghana 2 December 2019
200 cedis 161 x 83 mm Orange The Big Six, Independence Arch Jubilee House 2 December 2019

Exchange rate history

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Historical values for one U.S. dollar for Ghanaian cedis insyd
Date Cedi per U.S$. Date Cedi per U.S$.
First cedi (Cedi)
1965 0.824 1967 0.714
Second cedi (New cedi)
1970s ~1.000 (0.833 to 1.111) 1980 2.80 Bank rate

(~20 Black market)

1983 30.00 Bank rate

(~120 Black market) (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 9500 – 9600
2007 9300 – 9600
Ghana Cedi (Third cedi)[2]
Year January 1 May 1 September 1 October 20
2008 0.930 1.005 1.155
2009 1.265 1.460 1.465
2010 1.430 1.425 1.440
2011 1.486 1.496 1.535
2012 1.639 1.855 1.932
2013 1.905 1.974 2.150
2014 2.353 2.823 3.723
2015 3.215 3.8479 3.8312
2016 3.8092 3.7895 3.9639
2022 6.20 7.55 10.05 13.10

References

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  1. "Cowrie shells and the slave trade". British Museum. Retrieved 20 December 2014.
  2. "United States dollar (USD) and Ghana cedi (GHS) Exchange Rate History". freecurrencyrates.com. Retrieved 11 September 2013.
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