Ghanaian cedi
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The cedi (₵) is the unit of currency of Ghana. One cedi is divided into one hundred pesewas (although inflation has eliminated these subdivisions).
For earlier Ghanaian currency, see Gold Coast ackey.
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 new cedi was worth 1.2 old cedis, allowing a more straightforward conversion between pound and cedi of 2 new cedi = 1 pound. It was also an opportunity to remove Kwame Nkrumah from coins and notes.
The cedi sign ₵ has been accepted for encoding in Unicode as U+20B5 in 2004.
Coins
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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.
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.
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 |
External links
- [Information on the Cedi], Bank of Ghana
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