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GHANA CURRENCY : WHAT IS THE CURRENCY OF GHANA EXCHANGE RATE

GHANA CURRENCY : WHAT IS THE CURRENCY OF GHANA EXCHANGE RATE

Ghana an anglo-phone (English speaking) country in West Africa gained her independence in 1957 and is home to over 57million people. A beautiful country with its capital at Accra is home to the famous Ashanti Stool, popular beaches and tourist attractions. { Ghana Currency : What is the currency of Ghana exchange rate today }

Ghana Currency Unit / Code And Symbol

The unit of currency in Ghana is the Cedi. Popularly known currently as Ghana Cedi (currency symbol; GHC) is the official and only accepted legal tender in the Republic of Ghana. 100pesewas (GHS) make up 1cedi. Ghana cedi was initially known as “new cedi”.

Ghana Currency What is the currency of Ghana exchange rate today

Ghana Currency : What is the Currency of Ghana Exchange Rate Today

Ghana Currency History

The Cedi is an Akan word for cowry shell which then was the currency of ancient Ghana, was brought by Arab traders in the 14th century to West Africa. The new cedi has since undergone several changes since it was first introduced in 1965. These were in 1965 after it replaced the Ghanian pound 1967 after a military coup and at 2007 when it was revalued.
After gaining independence in 1957 from the British, she separated from using the British West African Pound which was the currency used by then British colonialists for the West African region. The new republic first brought out a new currency in 1958 which lasted till 1965, the Ghanian Pound. In 1965, the Ghanaians decided to leave the colonial monetary system and adopt the widely used decimal system. The new cedi was introduced thus in place of the British pound system.
The first President Kwame Nkrumah first introduced the cedi in July 1965 to replace the Ghanaian Pound. The Cedi was equivalent to 8 shillings and 4 pence and had the potrait of Nkrumah.
After a military coup in 1967, the new leaders wanted to remove the portrait of Nkrumah from the notes. The new cedi at first had a high value which was equal to half a Pound Sterling at introduction.
After series of pegging and high inflation, it was re-pegged at C2.8= $1 in 2007. Still in 2007, after series of further inflation, currency confiscation, government crack downs (price control), devaluations and liberalizations, the cedi had a worth of C9,500 to one US Dollar, which led to its third transition.
After these decades of inflation, the devalued ‘new cedi’ was phased out in 2007 for the ‘Ghana Cedi (GHC)’ at an exchange rate of 1:10,000. This meant removing four digits from the new cedi, which had as its largest denomination a C20,000 now exchanging for US $2. It became thus the most valued currency unit issued by any sovereign African State in 2007. Since its introduction on July 3rd, 2007, it has sadly lost over 75% of its value.

What is the Currency of Ghana Exchange Rate Today

The current exchange rate of the Ghanaian Cedi forex in respect to American dollars, the British pounds, Euro, Indian rupees and Nigerian Naira

  • 1 USD to Ghs = 4.21 GHS
  • 1 GBP to Ghs = 5.24 GHS
  • 1 EUR to Ghs = 4.40 GHS
  • 1 INR to Ghs = 0.062 GHS
  • 1 Naira to Ghs = 0.013 GHS
  • 1 Ghs to Naira = 120 Naira – BM

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Updated: May 24, 2017 — 7:44 pm

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