Ghanaian cedi
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| Ghanaian cedi | |
| ISO 4217 Code | GHC |
|---|---|
| User(s) | Ghana |
| Inflation | 10.9% |
| Source | The World Factbook, 2006 est. |
| Subunit | |
| 1/100 | pesewa |
| Symbol | ₵ |
| Coins | 10, 20, 50, 100, 200, 500 cedis |
| Banknotes | |
| Freq. used | 1000, 2000, 5000, 10 000, 20 000 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 will be revalued in 2007 by a factor of ten thousand.
The word "cedi" is derived from the Akan word for cowry shell. Cowry shells were once used in Ghana as a form of currency.
A number of Ghanaian coins have also been issued in Sika denominations. These are probably best considered as "medallic" coinage, and may have no legal tender status. The word sika means "money".
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[edit] Symbol
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.
The cedi sign is not to be confused with the colón sign ₡, which has a code point U+20A1 in Unicode (or 8353 in decimal); or the cent sign ¢, which has a code point U+00A2 in Unicode (or 162 in decimal).
[edit] History
For earlier Ghanaian currency, see Gold Coast ackey.
[edit] First Cedi, 1965-1967
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 the British pound at a rate of 2.4 cedis = 1 pound.
[edit] Second Cedi, 1967-2007
The 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 the pound and the cedi of 2 second cedi = 1 pound. The change also provided an opportunity to remove Kwame Nkrumah from coins and notes.
The second cedi was initially pegged to the British pound at a rate of 2 second cedi = 1 pound. However, within month, the second cedi was devalued to a rate of 2.45 second cedi = 1 pound, less than the value of the first cedi. This rate was equivalent to 1 cedi = 0.98 US dollars and the rate to the dollar was maintained when the British pound was devalued in November 1967. Further pegs were set of $0.55 in 1971, $0.78 in 1972 and $0.8696 in 1973 before the currency floated in 1978. High inflation ensued.
In 1979, a currency confiscation took place. New banknotes were issued which were exchanged for old at a rate of 10 old for 7 new. Coins and bank accounts were unaffected.
A second confiscation took place in 1982, when the 50 cedi note (the highest denomination) was demonetized. Ghanaians could exchange any number of 50 cedi notes for coins or other banknotes without loss but foreigners could not make any exchange.
[edit] Third Cedi, 2007-
In July 2007, a third cedi will be introduced, worth 10,000 second cedis. [1] The external purchasing power of the old and new currencies will be the same; the cedi is neither being devalued nor re-valued, only redenominated.
[edit] Coins
[edit] First Cedi
First cedi coins were issued 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 pesewa. All coins bore the portrait of Kwame Nkrumah.
[edit] Second Cedi
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In 1967, coins for the second cedi were introduced in denominations of ½, 1, 2½, 5, 10 and 20 pesewas. In 1979, coins for 50 pesewas and 1 cedi were introduced. These were replaced in 1984 by smaller types alongside a new 5 cedi coin. All these early issues have since fallen out of circulation due to inflation.
In 1991, 10, 20, 50 and 100 cedi coins were introduced, followed by 200 and 500 cedis in 1996. These six denominations are still in circulation. 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] Third Cedi
The new coins will be issued in facial values of 1 pesewa (100 old cedi), 5 pesewa (500), 10 pesewa (1000), 20 pesewa (2000), 50 pesewa (5000) and 1 cedi (10,000).
[edit] Banknotes
All Ghanaian banknotes are issued by the Bank of Ghana.
[edit] First Cedi
In 1965, banknotes were issued denominated in the first cedi in values of 1, 5, 10, 50, 100 and 1000 cedis. All except the 1000 cedis bore a portrait of Kwame Nkrumah.
[edit] Second Cedi
The first issue of banknotes, dated 1967, was in denominations of 1, 5 and 10 cedis. A second series, introduced in 1972 and 1973, consisted of 1, 2, 5 and 10 cedi notes. The 1979 series, for which old notes were exchanged at a reduced rate (see above) consisted of 1, 2, 5, 10, 20 and 50 cedi banknotes.
In 1983, a new banknote series was introduced in denominations of 10, 20, 50, 100 and 200 cedis. Higher denomination banknotes were later introduced: 500 cedis (1986), 1000 cedis (1991), 2000 cedis (1995), 5000 cedis (1996), 10,000 and 20,000 cedis (2002). In 2005, banknotes in circulation were 1000, 2000, 5000, 10,000 and 20,000 cedis.
[edit] Third Cedi
The new notes will be minted in facial values of 1 cedi (10,000 old cedis), 5 cedi (50,000), 10 cedi (100,000), 20 cedi (200,000) and 50 cedi (500,000).
[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
- ^ "New cedi notes and coins to be introduced in July 2007", Joyonline. Retrieved on 2006-11-27.
[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 |
