Ghana Cedi Overview and Trends

The Ghana Cedi is the official currency of Ghana, and it's a widely used currency in the country. It's divided into 100 pesewas.

The Ghana Cedi is pegged to the US dollar, but its value can fluctuate. The exchange rate is managed by the Bank of Ghana.

Ghana has a relatively stable economy, which contributes to the stability of the Ghana Cedi. The country's economy is driven by agriculture, mining, and services.

The Ghana Cedi is widely accepted in Ghana, and you can use it to pay for goods and services. You can also exchange it for other currencies at banks or currency exchange offices.

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The Ghana Cedi has had a complex history, with several changes and re-denominations. The original cedi was introduced in 1965, with a value of 0.824 cedis per US dollar.

One of the earliest changes occurred in 1967, when the second cedi, also known as the new cedi, was introduced. This change was due to high inflation, which continued to affect the currency throughout the 1970s and 1980s.

The value of the cedi fluctuated wildly during this period, with a bank rate of 30.00 cedis per US dollar in 1983 and a black market rate of around 120 cedis per US dollar.

In 2007, the Bank of Ghana re-denominated the cedi again, due to similar inflationary pressures. This change was accompanied by a significant increase in the value of the cedi, with a bank rate of 0.930 cedis per US dollar on January 1, 2008.

Here's a breakdown of the re-denominations and their corresponding exchange rates:

The re-denominations have had a significant impact on the value of the cedi, with the currency experiencing periods of high inflation and volatility. However, with the support of the International Monetary Fund (IMF), the cedi's volatility has ebbed to a degree since 2015.

The Ghana cedi has had several denominations over the years. The Bank of Ghana has issued coins in various denominations, including shillings, crowns, pounds, sikas, and cedis.

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The Bank of Ghana has also issued banknotes with different values, such as 1 cedi, 5 cedis, 10 cedis, 50 cedis, and 100 cedis. The 1,000 cedi banknote was only used in interbanking transactions.

Here's a list of some of the banknote denominations issued by the Bank of Ghana:

Coins have been a vital part of Ghana's currency since 1958, when the Bank of Ghana started issuing them.

The Bank of Ghana has issued commemorative coins in various denominations, including shillings, crowns, pounds, sikas, and cedis.

Commemorative coins like crowns and sikas, issued from 1965 and 1997 respectively, have been a unique addition to Ghana's currency.

It's unclear whether these commemorative coins were considered legal tender or simply medallions.

Only coins that are in general circulation are included in the list of issued coins.

The years of issue do not necessarily mean that a coin was minted every year, but rather that it has been issued multiple times within the stated period.

Coins can be held back and released years after their initial issue, resulting in a mix of worn-out and mint-condition coins in circulation.

The Bank of Ghana has never clarified whether they hold back already stamped coins or stamp new coins with old issue years.

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The Bank of Ghana has been issuing all Ghanaian banknotes since 1958. Most of the banknotes have been changed slightly over the years to combat counterfeit money.

The signature on the notes changes when a new governor takes over the management of the Bank of Ghana. This happens frequently and is not covered in this list.

The years of issue don't necessarily mean the banknote was printed every year, but rather that it was issued more than once in the given period.

Here's a list of some of the most notable banknotes:

Stats are a great way to get a quick sense of how different currencies are performing. The 30 day average exchange rate for GHS to XOF is 42.5277.

In the last 30 days, the high was 43.9464 and the low was 40.8922. This means the exchange rate fluctuated significantly.

The 90 day average exchange rate for GHS to XOF is 41.7019. Over the same period, the high was 43.9871 and the low was 36.4962.

A notable change in the last 90 days is a 14.55% increase in the exchange rate.

The second cedi was introduced in 1967 and remained in circulation until 2007, with several series of notes issued during this period. The first series of second cedi notes was introduced in 1967 and featured designs that included cocoa, fauna carvings, and art projects.

The second series of second cedi notes, introduced in 1972, featured images of young girls, farmers, and women, with designs that included cocoa farmers and fishermen. The third series, introduced in 1979, featured images of young men, schoolgirls, and old men, with designs that included basket weavers and lumberers.

Here's a breakdown of the different series of second cedi notes and their features:

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 new currency was pegged to sterling, with a rate of 2.4 cedis = £1, or 8s 4d per cedi.

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The second cedi was used as legal tender in Ghana from 1979 to 2007. This period saw the introduction of the third and fourth series of second cedi notes.

The third series was introduced in 1979 and featured a young man on the obverse and a basket weaver on the reverse. This series was in circulation until 1982.

The fourth series, introduced in 1983, included notes with a value of 10, 20, 50, 100, 200, 500, 1,000, 2,000, 5,000, and 10,000 cedis. Some of these notes featured notable Ghanaian figures, such as W. O. II Larbi, Queen Mother Yaa Asantewaa, and Ephraim Amu.

The 50 cedi note, part of the third series, was demonetized in 1982. The 500 cedi note, part of the fourth series, was in circulation from 1986 to 1994.

Here's a list of some of the notable features of the fourth series:

The third cedi, also known as the Ghanaian cedi, was introduced in 2007 to replace the second cedi due to rampant inflation.

It was officially called the "Ghanaian cedi" (GH₵), not the third cedi, to distinguish it from the second cedi.

The new currency was introduced to cut off four zeros from the original value, making it more manageable.

The third cedi was initially legal tender alongside the second cedi until December 2007, when old banknotes could only be exchanged at banks.

The 2-cedi banknote was introduced in 2010 to meet public demand and reduce the cost of printing large volumes of the 1-cedi banknote.

A new 2-cedi coin was introduced in 2019, along with new 100 and 200-cedi banknotes, to reduce costs and replace existing denominations.

The third cedi has been losing value continuously since its introduction, with inflation rising rapidly in 2014.

Here's a summary of the third cedi banknotes:

The value of the third cedi has continued to decline, with the exchange rate reaching GH₵15 per US dollar in October 2022.