Currency Ghana Cedi Euro Exchange Rates Explained

The Ghana Cedi and Euro exchange rates can be quite volatile, but understanding the basics can help you navigate these fluctuations. The Ghana Cedi is the official currency of Ghana, while the Euro is used by 19 of the 27 member states of the European Union.

The exchange rate between the Ghana Cedi and Euro is determined by supply and demand in the foreign exchange market. This means that the rate can fluctuate constantly, depending on a variety of factors such as economic indicators, interest rates, and geopolitical events.

To give you a better idea, as of [date], the exchange rate was approximately 5.30 GHS to 1 EUR. However, this rate can change rapidly, so it's essential to stay up-to-date with the current exchange rate if you're planning to exchange currency or engage in international transactions.

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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 sterling at a rate of 2.4 cedis = £1, or 8s 4d per cedi.

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The first cedi was replaced by the second cedi in 1967 due to the convenience of exchange and an opportunity to remove Kwame Nkrumah from coins and notes, with a ratio of 1 second cedi = 1.2 first cedis.

The second cedi was eventually replaced by the third cedi in 2007 due to rampant inflation, with a ratio of 1 third cedi = 10,000 second cedis.

Here's a brief timeline of the Ghanaian cedi's history:

The third cedi has been losing value continuously since its introduction, with the inflation rate reaching 37.2% in September 2022, the highest since 2001, causing the cedi's value to drop to 10 U.S. cents (GH₵10 = US$1).

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The first cedi was introduced in 1965, replacing the Ghanaian pound at a rate of 2.4 cedi = 1 pound, or 1 pesewa = 1 penny. This change was part of Ghana's transition to decimalisation.

The first cedi was pegged to the British pound, with a rate of 2.4 cedis = £1, or 8s 4d per cedi. This rate gave the cedi a stable value in international transactions.

The first cedi was used from 1965 to 1967, a relatively short period in the history of Ghana's currency.

Additional reading: Ghanaian Cedi News

In 1967, the Ghanaian government introduced a new currency, the Ghana Cedi, to replace the Ghanaian pound.

The Cedi was initially pegged to the British pound at a rate of 1 Cedi to 2 shillings and 2 pence.

Ghana's economy was booming during this period, with the country's gold production increasing significantly.

The Cedi became a widely accepted currency in West Africa, and it even gained some international recognition.

The Ghana Cedi underwent a significant devaluation in 1978, reducing its value by 75%.

In 1979, the Ghanaian government introduced a new currency, the Ghana Cedi (2nd), which replaced the original Cedi at a rate of 1:1.

The economy continued to struggle, and the Cedi's value continued to decline.

In 2007, the Ghanaian government introduced a new currency, the Ghana Cedi (3rd), which replaced the Cedi (2nd) at a rate of 1:10,000.

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The third cedi was introduced in 2007 to combat rampant inflation, which had rendered the second cedi nearly worthless.

The new currency, officially known as the Ghanaian cedi (GH₵), was not introduced as the third cedi, but rather as a replacement for the second cedi. The exchange rate was set at 1 third cedi = 10,000 second cedis.

In 2010, a GH₵2 banknote was introduced to meet public demand for an intermediate denomination and reduce the frequency of printing large volumes of the GH₵1 banknote. The new denomination coincided with the centenary celebrations of Kwame Nkrumah's birth.

The third cedi has been losing value continuously since its introduction, with inflation rising rapidly in 2014 and the currency's value falling to a fourth of its original value. A pending IMF bailout temporarily halted the devaluation.

The one pesewa coin, with negligible purchasing power, is rarely seen in circulation. The Bank of Ghana began withdrawing GH₵1 and GH₵2 notes from circulation in September 2021 to encourage the use of coins of their corresponding face values.

The word cedi is derived from the Akan language, where it means cowry shell.

In Ghana, cowry shells were once used as a form of currency, a practice that dates back to a time when they were traded with Arab merchants.

The cowry shells, also known as Monetaria moneta, are not native to West African waters but are commonly found in the Indian Ocean.

The first modern coins used exclusively at the Gold Coast were produced in 1796, but cowry shells continued to be used alongside coins and gold as currency until 1901.

The Ghanaian Cedi (GHS) is the official currency of Ghana, and it's interesting to learn about its exchange rate with the Euro (EUR). As of January 16, 2025, the best GHS to EUR exchange rate is 0.06539 EUR, meaning you'll receive 0.06539 Euros for every Ghanaian Cedi you exchange.

The Bank of Ghana has been issuing all Ghanaian banknotes since 1958, with most notes changing slightly from one year to the next to combat counterfeit money.

Here's a list of some of the first cedi banknotes, which were in circulation from 1965 to 1967:

The Bank of Ghana's efforts to combat counterfeit money have led to changes in the design of banknotes over the years, with the signature of the governor also changing when they take over the management of the Bank of Ghana.

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You can convert Ghanaian Cedis to Euros with TransferGo by choosing the amount and currency, and adding the receiver's details.

There are several ways to check the current exchange rate, including using a conversion chart or checking the current rate on a website. As of January 16, 2025, the best GHS to EUR exchange rate is 0.06539 EUR.

You can use a currency converter to get the current rate and see how it's changed over the past day, week, or month. Simply type in the box how much you want to convert, select GHS as the currency to convert from and EUR as the currency to convert to, and our currency converter will show you the current rate.

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To convert Ghanaian Cedis to Euros, you can use a conversion tool or calculator. This will show you the value of the converted currency according to the most recent exchange rate.

Here's a table showing some common conversion rates:

Keep in mind that exchange rates can fluctuate constantly, so it's a good idea to check the current rate before making a conversion.