View source for Ghanaian cedi

{{about|the symbol for the Ghanaian cedi|the cent symbol (¢)|Cent (currency)#Symbol}}
{{Infobox Currency
| image_1 =
| image_title_1 = 50 cedis
| iso_code = GHS
| using_countries = {{flag|Ghana}}
| inflation_rate = 10.68%
| inflation_source_date = ''[https://www.bog.gov.gh The Bank of Ghana]'', rate as of May 2010
| subunit_ratio_1 = 1/100
| subunit_name_1 = pesewa
| symbol = GH₵
| used_coins = 1, 5, 10, 20, 50 pesewa, 1 cedi
| used_banknotes = 1, 2, 5, 10, 20, 50 cedi
| issuing_authority = [[Bank of Ghana]]
| issuing_authority_website = www.bog.gov.gh
}}

The '''cedi''' ([[currency sign]]: '''₵'''; [[ISO 4217|currency code]]: '''GHS''') is the unit of [[currency]] of [[Ghana]]. One cedi is divided into one hundred pesewas.  The present cedi was introduced on July 3, 2007, and was equal to 10,000 old cedis when [[redenomination]] saw four zeros lopped off the value.  It was the [[highest-valued currency unit]] issued by sovereign countries in [[Africa]] in 2007.

The word "cedi" is derived from the [[Akan languages|Akan]] word for [[cowry|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 "gold".

== Currency sign ==
The Ghanaian cedi symbol {{unicode|₵}} resembles the letter [[C]] struck through with a vertical [[bar (diacritic)|bar]]. The symbol was accepted for encoding in [[Unicode]] as '''U+20B5''' in 2004. It should not be confused with the [[Colón (currency)|colón]] sign {{Unicode|₡}}, which has a code point '''U+20A1''' in [[Unicode]] (or 8353 in decimal); or the [[Cent (currency)|cent]] sign ¢, which has a code point '''U+00A2''' in [[Unicode]] (or 162 in decimal).  However, because some [[font]]s do not provide a cedi character, the cent sign is sometimes used as a replacement for the cedi.

== History ==
''For earlier Ghanaian currency, see [[Gold Coast ackey]].''

=== First cedi, 1965&ndash;1967 ===
{{n-start|title=First cedi}}
{{n-before|currency=[[Ghanaian pound]]|reason=[[decimalisation]]|ratio=2.4 first cedi = 1 pound, or 1 pesewa = 1 penny}}
{{n-currency|location=[[Ghana]]|start=19 July 1965|end=22 February 1967}}
{{n-after|currency=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}}
{{n-end}}

The first cedi was introduced in 1965, replacing the [[Ghanaian pound|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.

=== Second cedi (GHC), 1967&ndash;2007 ===
{{n-start|title=Second cedi}}
{{n-before|currency=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}}
{{n-currency|location=[[Ghana]]|start=23 February 1967|end=2 July 2007}}
{{n-after|currency=Third cedi|reason=inflation|ratio= 1 third cedi = 10,000 second cedis}}
{{n-end}}

The first cedi was replaced in 1967 by a 'new cedi' which was worth 1.2 first cedis.  This allowed a decimal conversion with the pound, namely 2 second cedis = 1 pound.  The change also provided an opportunity to remove [[Kwame Nkrumah]]'s image from coins and notes.

The second cedi was initially pegged to the British pound at a rate of 2 cedi = 1 pound. However, within months, 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 was floated in 1978. High inflation ensued, and so the cedi was re-pegged at ₵2.80 = $1.00.  

Inflation continued to eat away at the cedi's value on the [[Underground Economy#Currency|black market]].  In the early eighties, the government started cracking down hard on the retail of products at prices other than the official established sale price (price controls).  This had the effect of driving nearly all commerce underground, where black market prices for commodities were the norm, and nothing existed on store shelves.  By 1983, the cedi was worth about 120 to one US dollar on the black market, a pack of cigarettes cost about ₵150 (if they could be found), but the bank rate continued at ₵2.80 = $1.00.  Finally, with foreign currency completely drying up for all import transactions, the government was forced to begin a process of gradual devaluation, and a liberalization of its strict price controls.  This process ended in 1990 with a free float of the cedi against foreign currencies.  Inflation continued (see exchange rate chart) until by July 2007, the cedi was worth about 9500 to one US dollar, and a transition to the third cedi was initiated.

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 note (the highest denomination) was demonetized. Ghanaians, in theory, could exchange any number of ₵50 notes for coins or other banknotes without loss, but foreigners could not make any exchange.  However, many Ghanaians who were hoarding large amounts of Cedis feared reprisal if they tried to convert all of it, and so simply burned a lot of their money.  Many other Ghanaians received "promise payment notes" from the banks, but never received compensation. This confiscation was publicly justified as a means to create a disincentive for the flourishing black market.  However, from a monetary perspective, currency confiscations have the effect of reducing the available cash in the economy, and thereby slowing the rate of inflation.  After the ₵50 note confiscation, the ₵20 note was the highest cedi denomination, but had a street value of only about $0.35 (US).

After the ₵50 note confiscation, fears existed that the Government could also confiscate the ₵20 or even the ₵10 notes.  This fear, along with inflation running at about 100% annually, started causing Ghanaian society to lose its faith in its own currency.  Some transactions could only then be done in foreign currencies (although that was technically illegal), and other more routine transactions began to revert to a barter economy.

=== Third cedi (GHS), 2007&ndash; ===
{{n-start|title=Third cedi}}
{{n-before|currency=Second cedi|reason=inflation|ratio= 1 third cedi = 10,000 second cedis}}
{{n-currency|location=[[Ghana]]|start=3 July 2007}}
{{n-after}}
{{n-end}}

On July 1, 2007, a third cedi was introduced, worth 10,000 second cedis.
<ref name = "re-denomination">{{cite news|url=http://www.ghanacedi.gov.gh|title=Government website on redenomination|publisher=Bank of Ghana|accessdate=2007-06-19}}</ref> The external purchasing power of the old and new currencies are the same; the cedi was neither devalued nor re-valued, only redenominated. Because of this change, Ghana's currency became one of the [[highest-valued currency unit]]s from one of the [[least valued currency unit]]s.

A new ISO currency code GHS was also introduced on this date. In addition, the central bank named the third cedi the Ghana Cedi and assigned the symbol '''GH₵''' to distinguish it from the second cedi, currently known as the cedi with the symbol '''₵'''. The Ghana cedi will, from January 2008, be simply known as the cedi. <ref name = "Ghana cedi">{{cite news|url = http://www.ghanacedi.gov.gh/privatecontent/File/Redenomination%20of%20the%20cedi.pdf|title=Central Bank website on redenomination|publisher=Bank of Ghana|accessdate=2007-07-11}}</ref>

== Coins ==
=== 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]].

=== Second cedi ===
{|align="right" cellspacing="0" cellpadding="0"
|valign="top"|[[File:Pesewa.jpg|thumb|100px|right|Pesewa coins]]
|valign="top"|[[File:Cedi.jpg|thumb|100px|Cedi coins]]
|}
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 dollar|US cents]]) and 20 cedis (~0.2 US cents) coins were not seen much due to their small value.

=== Third cedi ===
The new coins are 1 pesewa (100 old cedi), 5 pesewas (500), 10 pesewas (1000), 20 pesewas (2000), 50 pesewas (5000) and 1 cedi (10,000).

== Banknotes ==
All Ghanaian banknotes are issued by the Bank of Ghana.
=== First cedi ===
In 1965, banknotes were issued  in the first cedi in values of ₵1, ₵5, ₵10, ₵50 and ₵100.
{|class="wikitable" style="font-size: 90%"
!colspan="5"| First cedi [http://www.bog.gov.gh]
|-
!rowspan="2"| Image !!rowspan="2"| Value!!colspan="2"| Description !!rowspan="2"|Date of issue 
|-
! Obverse !! Reverse
|-
|align="center"| [[File:1_cedi_(1965).jpg|96px]]
| 1 cedi
| rowspan="5"|[[Kwame Nkrumah]]
| [[Bank of Ghana]]
| rowspan="5"| 1965
|-
|align="center"|[[File:5_cedi_(1965).jpg|100px]] 
| 5 cedis
| [[Ghana Supreme Court (Ghana)|Supreme Court]]
|-
|align="center"| [[File:10_cedi_(1965).jpg|99px]]
| 10 cedis
| [[Independence Arch (Ghana)|Independence Arch]]
|-
|align="center"| [[File:50_cedi_(1965).jpg|102px]]
| 50 cedis
| Beach
|-
|align="center"| [[File:100_cedi_(1965).jpg|104px]]
| 100 cedis
| [[Komfo Anokye Teaching Hospital|Kumasi Central Hospital]]
|-
|colspan="5"|{{Standard banknote table notice|standard_scale=Y|BrE=Y}}
|}

=== Second cedi ===

The first issue of banknotes, dated 1967, was in denominations of ₵1, ₵5 and ₵10. A second series, introduced in 1972 and 1973, consisted of ₵1, ₵2, ₵5 and ₵10 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 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 (1986), ₵1000 (1991), ₵2000 (1995), ₵5000 (1996), ₵10,000 and ₵20,000 (2002). In 2005, banknotes in circulation were ₵1000, ₵2000, ₵5000, ₵10,000 and ₵20,000.

===First Series===
{|class="wikitable" style="font-size: 90%"
!colspan="5"| Second cedi - First series [http://www.bog.gov.gh]
|-
!rowspan="2"| Image !!rowspan="2"| Value!!colspan="2"| Description !!rowspan="2"|Date of issue 
|-
! Obverse !! Reverse
|-
|align="center"| [[File:5 cedi (1969).jpg|96px]]
| 5 cedis
| Fauna carvings
| Fauna carvings
| rowspan="5"| 1969
|-
|align="center"|[[File:10_cedi_(1969).jpg|100px]] 
| 10 cedis
| Art projects
| Statuettes
|-
|colspan="5"|{{Standard banknote table notice|standard_scale=Y|BrE=Y}}
|}

====Second Series====
{|class="wikitable" style="font-size: 90%"
!colspan="5"| Second cedi - 1970s series [http://www.bog.gov.gh]
|-
!rowspan="2"| Image !!rowspan="2"| Value!!colspan="2"| Description !!rowspan="2"|Date of issue 
|-
! Obverse !! Reverse
|-
|align="center"| [[File:1_cedi_(1975).jpg|96px]]
| 1 cedi
| School girl with headphones
| Cocoa farmer
| 1975
|-
|align="center"|[[File:2_cedi_(1977).jpg|100px]] 
| 2 cedis
| Farmer
| Fishermen
| rowspan="2"| 1977
|-
|align="center"| [[File:5_cedi_(1977).jpg|99px]]
| 5 cedis
| Market woman
| Larabanga mosque
|-
|align="center"| [[File:10_cedi_(1978).jpg|102px]]
| 10 cedis
| Pike smoker
| Akosombo dam
| 1978
|-
|colspan="5"|{{Standard banknote table notice|standard_scale=Y|BrE=Y}}
|}

====Third Series====
{|class="wikitable" style="font-size: 90%"
!colspan="5"| Second cedi - 1980s series [http://www.bog.gov.gh]
|-
!rowspan="2"| Image !!rowspan="2"| Value!!colspan="2"| Description !!rowspan="2"|Date of issue 
|-
! Obverse !! Reverse
|-
|align="center"| [[File:2_cedi_(1982).jpg|96px]]
| 2 cedis
| School girl
| Field workers
| rowspan="2"|1982
|-
|align="center"|[[File:5_cedi_(1982).jpg|100px]] 
| 5 cedis
| Northerner 
| Lumberers
|-
|align="center"|[[File:10_cedi_(1980).jpg|100px]]
|10 cedis
|Young woman
|Fishermen
|1980
|-
|align="center"|[[File:20_cedi_(1982).jpg|100px]]
|20 cedis
|Miner
|Kente weaver
|1982
|-
|align="center"|[[File:50_cedi_(1980).jpg|100px]]
|50 cedis
|Elderly man
|Cocoa farmers
|1980
|-
|align="center"|[[File:50_cedi_(1986).jpg|100px]]
|50 cedis
|Young boy
|Workers drying grain
|1986
|-
|colspan="5"|{{Standard banknote table notice|standard_scale=Y|BrE=Y}}
|}

====Fourth Series====
{|class="wikitable" style="font-size: 90%"
!colspan="5"| Second cedi - Final series [http://www.bog.gov.gh]
|-
!rowspan="2"| Image !!rowspan="2"| Value!!colspan="2"| Description !!rowspan="2"|Date of issue 
|-
! Obverse !! Reverse
|-
|align="center"| [[File:100_cedi_(1990).jpg|96px]]
| 100 cedis
| Young woman
| Truck loaders
| 1990
|-
|align="center"|[[File:200_cedi_(1992).jpg|100px]] 
| 200 cedis
| Old man 
| Teacher and students
|1992
|-
|align="center"|[[File:500_cedi_(1994).jpg|100px]]
|500 cedis
|Black star, fist, and "Gye Nyame" 
|Cocoa tree and farmers
|1994
|-
|align="center"|[[File:1000_cedi_(1996).jpg|100px]]
|1000 cedis
|Diamonds
|Cocoa farmers
|1996
|-
|align="center"|[[File:5000_cedi_(1998).jpg|100px]]
|5000 cedis
|Coat of arms
|Map, harbor, and ships
|1998
|-
|align="center"|[[File:10000_cedi_(2002).jpg|100px]]
|10000 cedis
|Big six
|Independence arch
|rowspan="2"|2002
|-
|align="center"|[[File:20000_cedi_(2002).jpg|100px]]
|20000 cedis
|Ephraim Amu
|National theater
|-
|colspan="5"|{{Standard banknote table notice|standard_scale=Y|BrE=Y}}
|}

=== Third cedi ===

The new currency is denominated in Ghana cedi ('''GH₵'''), a unit equal to 10,000 old cedi, and Ghana pesewa ('''Gp'''), equal to one-hundredth of a Ghana cedi or 10,000 old pesewa (100 old cedi). Banknotes are issued in GH₵1, GH₵5, GH₵10, GH₵20, and GH₵50 denominations. Old currency were withdrawn beginning in July 2007, and after a six month transition may only be exchanged at banks and will no longer be [[legal tender]]. The Bank of Ghana has launched a [http://www.ghanacedi.gov.gh website on this re-denomination campaign].  A new GH₵2 Cedi banknote was issued on May 14, 2010.

{|class="wikitable" style="font-size: 90%"
!colspan="7"| Third cedi [http://www.ghanacedi.gov.gh]
|-
!rowspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Colour !!colspan="2"| Description !!rowspan="2"| Date of issue 
|-
! Obverse !! Reverse
|-
|align="center"| [[File:1 Ghana Cedi.png|96px]]
| 1 cedi
| 137 × 65 mm
| Red
| [[The Big Six (Ghana)|The Big Six]], [[Independence Arch (Accra)|Independence Arch]]
| [[Akosombo Dam]]
| July 3, 2007
|-
|align="center"|[[File:2 Ghana cedi.jpg|100px]] 
| 2 cedis
| 140 × 67 mm
| [[Beige]]
| [[Kwame Nkrumah]]
| [[Parliament of Ghana|Parliament House]]
| May 14, 2010
|-
|align="center"| [[File:5 cedis.jpg|99px]]
| 5 cedis
| 141 × 68 mm
| Blue
|rowspan="4"| [[The Big Six (Ghana)|The Big Six]], [[Independence Arch (Accra)|Independence Arch]]
| Balme Library: [[University of Ghana]]
|rowspan="4"| July 3, 2007
|-
|align="center"| [[File:10 cedis.jpg|102px]]
| 10 cedis
| 145 × 71 mm
| Yellow-green
| [[Bank of Ghana]]
|-
|align="center"| [[File:20 Ghana cedi.jpg|104px]]
| 20 cedis
| 149 × 74 mm
| Purple
| [[Supreme Court of Ghana|Supreme Court]]
|-
|align="center"|[[File:50 Ghana cedi.jpg|107px]] 
| 50 cedis
| 153 × 77 mm
| Brown
| Christianborg Castle
|-
|colspan="7"|{{Standard banknote table notice|standard_scale=Y|BrE=Y}}
|}

== Exchange rate history ==

This table shows the historical value of one U.S. dollar in Ghanaian cedis:

{|class="wikitable"
|-
! Date !! Cedi per US $ !! Date !! Cedi per US $
|-
| colspan=4 align="center"|'''''First cedi'''''
|-
| 1965 ||  0.824 || 1967 ||  0.714
|-
| colspan=4 align="center"|'''''Second cedi'''''
|-
|1970s ||  ~1.000 (0.833 to 1.111) || 1980 ||  2.80 Bank rate (~20 Blackmarket)
|-
| 1983 || 30.00 Bank rate (~120 Blackmarket) (Oct 83) || 1984 || 35.00 (Mar 84); 38.50 (Aug 84); 50 (Dec 84)
|-
| 1985 || 50 &ndash; 60 || 1986 || 90 
|-
| 1987 || 150 &ndash; 175 || 1988 || 175 &ndash; 230 
|-
| 1989 || 230 &ndash; 300 || 1990 || 300 &ndash; 345 
|-
| 1991 || 345 &ndash; 390 || 1992 || 390 &ndash; 520 
|-
| 1993 || 555 &ndash; 825 || 1994 || 825 &ndash; 1050 
|-
| 1995 ||  1050 &ndash; 1450 || 1996 ||  1450 &ndash; 1750
|-
| 1997 ||  1750 &ndash; 2250 || 1998 ||  2250 &ndash; 2350
|-
| 1999 ||  2350 &ndash; 3550 || 2000 ||  3550 &ndash; 6750
|-
| 2001 ||  6750 &ndash; 7300 || 2002 ||  7300 &ndash; 8450
|-
| 2003 ||  8450 &ndash; 8850 || 2004 ||  8850 &ndash; 8900
|-
| 2005 ||  8900 &ndash; 9500 || 2006 ||  9500 &ndash; 9600
|-
| 2007 || 9600 &ndash; 9300 || ||
|-
| colspan=4 align="center"|'''''Third cedi'''''
|-
| 2007 || 0.92 (July 2007) || 2008 || 1.05 (June 2008) 
|-
| 2009 || 1.49 (June 2009)
|}

{{Exchange Rate|GHS}}

http://www.ghanaweb.com/GhanaHomePage/economy/forex.php

== See also ==
* [[Highest-valued currency unit]]
* [[Economy of Ghana]]
* Previous Ghana currencies:
** [[British West African pound]]
** [[Ghanaian pound]]

== References ==
{{Reflist}}

== External links ==
{{wikinews|New Ghanaian currency introduced}}
 
* [http://www.bog.gov.gh/aboutus/currency.htm Information on the Cedi], Bank of Ghana
* [http://www.ghanacedi.gov.gh/ Information on the new cedi issue]

[[Category:Economy of Ghana]]
[[Category:Currency signs]]
[[Category:1965 establishments]]
{{Economy of Ghana}}
{{Currencies of Africa}}
{{Currency signs}}

[[be:Седзі]]
[[be-x-old:Ганскі сэдзі]]
[[bg:Ганайско кеди]]
[[ca:Cedi]]
[[cs:Ghanský cedi]]
[[cy:Cedi]]
[[da:Cedi]]
[[pdc:Cedi]]
[[de:Cedi]]
[[el:Σέντι της Γκάνας]]
[[es:Cedi]]
[[fr:Cedi ghanéen]]
[[ko:가나 세디]]
[[hi:घानियन सेडी]]
[[it:Cedi ghanese]]
[[lt:Sedis]]
[[hu:Ghánai cedi]]
[[nl:Cedi]]
[[ja:セディ]]
[[no:Ghanesisk cedi]]
[[nn:Cedi]]
[[pl:Cedi]]
[[pt:Cedi]]
[[ru:Ганский седи]]
[[fi:Cedi]]
[[sv:Ghana Cedi]]
[[tg:Седи Гана]]
[[tr:Cedi]]
[[yo:Ghanaian cedi]]
[[zh:迦納塞地]]