Ghanaian cedi
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| ISO 4217 Code | GHC |
| User(s) | Ghana |
| Inflation | 15% |
| Source | The World Factbook, 2005 est. |
| Subunit | |
| 1/100 | pesewa |
| Symbol | ₵ |
| Coins | 10, 20, 50, 100, 200, 500 cedis |
| Banknotes | |
| Freq. used | 1000, 2000, 5000, 10000, 20000 cedis |
| Rarely used | 1, 2, 5, 10, 20, 50, 100, 200, 500 cedis |
| Central bank | Bank of Ghana |
| Website | www.bog.gov.gh |
The cedi is the unit of currency of Ghana. One cedi is divided into one hundred pesewas, but due to inflation, no coins with a denomination lower than 10 cedi are currently in use.
The cedi symbol resembles the cent sign (¢), but it is taller, narrower, and its bar is vertical, not diagonal. The symbol ₵ was accepted for encoding in Unicode as U+20B5 in 2004. However, because many fonts do not provide this character, the cent sign is often used as a replacement for the cedi.
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[edit] History
For earlier Ghanaian currency, see Gold Coast ackey.
The word "cedi" is derived from the Akan word for cowry shell. Cowry shells were once used in Ghana as a form of currency.
The cedi was introduced in 1965, replacing the pound at a rate of 2.4 cedi = 1 pound, or 1 pesewa = 1 penny. This first cedi was replaced by a second currency, also called the cedi, in 1967. The second cedi was worth 1.2 first cedis, allowing a more straightforward conversion between pound and cedi of 2 second cedi = 1 pound. It was also an opportunity to remove Kwame Nkrumah from coins and notes.
[edit] Re-denomination
In July 2007, cedi notes and coins in circulation will be re-denominated and replaced with a new Ghanaian cedi and pesewa (Gp). This would be the third cedi in the monetary history of Ghana. The current notes (in denominations of 20,000, 10,000, 5,000, 2,000, and 1,000) and the current coins (in denominations of 500, 200, and 100) will be re-denominated by setting 10,000 "old" (second) cedis to one "new" (third) cedi. That is, the denomination of each note and coin will simply be divided by 10,000.<ref name="re-denomination">"New cedi notes and coins to be introduced in July 2007", Joyonline. Retrieved on 2006-11-27.</ref>
For example, 500,000 cedis in the old currency will become 50 cedis in the new currency. A 5,000 cedi note will become 50 pesewas. The new coins will be 1 pesewa (100 old cedi), 5 pesewa (500 old cedi), 10 pesewa (1,000 old cedi), 20 pesewa (2,000 old cedi), 50 pesewa (5,000 old cedi) and 1 cedi (10,000 old). New bills will be 1 cedi (10,000 old), 5 cedi (50,000 old), 10 cedi (100,000 old), 20 cedi (200,000) and 50 cedi (500,000)
The external purchasing power of the old and new currencies will be the same; the cedi is not being devalued nor re-valued.
[edit] Coins
| Image:Cedi.jpg |
The first cedi was issued in coins in denominations of 5, 10, 25 and 50 pesewas. Smaller denominations were not needed as the ½ and 1 penny continued to circulate as ½ and 1 pesewas.
In 1967, coins for the second cedi were introduced in denominatins of ½, 1, 2½, 5, 10 and 20 pesewas. These have all since fallen out of circulation due to inflation, as have later coins of 50 pesewas and 1 and 5 cedis. Coins currently (2005) in circulation are: 10, 20, 50, 100, 200 and 500 cedis. However, the 10 cedis (~0.1 US cents) and 20 cedis (~0.2 US cents) coins are not seen much due to their small value.
[edit] Banknotes
In 1965, banknotes were issued denominated in the first cedi in values of 1, 5, 10, 50, 100 and 1000 cedis.
Since 1967, banknotes have been issued in the following values denominated in the second cedi: (The table shows denominations and the first year that denomination was issued)
| Denomination | First Year | Denomination | First Year | Denomination | First Year |
|---|---|---|---|---|---|
| 1 | 1967 | 2 | 1972 | 5 | 1967 |
| 10 | 1967 | 20 | 1979 | 50 | 1979 |
| 100 | 1983 | 200 | 1983 | 500 | 1986 |
| 1000 | 1991 | 2000 | 1994 | 5000 | 1994 |
| 10,000 | 2002 | 20,000 | 2002 | - | - |
By 2004, only banknotes of 1000 cedis and above were in general use. In 2005, banknotes in circulation were 1000, 2000, 5000, 10,000 and 20,000 cedis.
[edit] Exchange rate history
This table shows the historical value of one U.S. Dollar in Ghanaian cedis:
| Date | Cedi per US $ | Date | Cedi per US $ |
|---|---|---|---|
| 1965 | 0.824 | 1967 | 0.714 |
| 1970s | ~1.000 (0.833 to 1.111) | 1980 | 2.80 |
| 1983 | 30.00 (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 | 9050 - 9600 |
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[edit] See also
[edit] References
<references/>
[edit] External links
- Information on the Cedi, Bank of Ghana
| Preceded by: Ghanaian pound Reason: decimalisation Ratio: 2.4 first cedi = 1 pound, or 1 pesewa = 1 penny | Currency of Ghana 19 July 1965 – 22 February 1967 | Succeeded by: Second cedi Reason: convenience of exchange and an opportunity to remove Kwame Nkrumah from coins and notes Ratio: 1 second cedi = 1.2 first cedis |
| Preceded by: First cedi Reason: convenience of exchange and an opportunity to remove Kwame Nkrumah from coins and notes Ratio: 1 second cedi = 1.2 first cedis = 0.5 pound | Currency of Ghana 23 February 1967 – July, 2007 | Succeeded by: Third cedi Reason: inflation Ratio: 1 third cedi = 10,000 second cedis |
| Preceded by: Second cedi Reason: inflation Ratio: 1 third cedi = 10,000 second cedis | Currency of Ghana July, 2007 – | Succeeded by: Current |
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