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. Second cedi (GHC), 1967–2007 Second cedi 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 – 2 July 2007 Succeeded by: Third cedi Reason: inflation Ratio: 1 third cedi = 10,000 second cedis 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 Nkrumahs 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 U.S. 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 cedis value on the 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 U.S. 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 (U.S.) 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. Coins First cedi The first cedi coins were issued in denominations of 5, 10, 25, and 50 pesewas. Smaller denominations such as the ½ and 1 pesewa became obsolete. Second cedi Pesewa coins 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 were still in circulation till 2007. However, the 10 cedis (~0.1 U.S. cents) and 20 cedis (~0.2 U.S. 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 (1,000), 20 pesewas (2,000), 50 pesewas (5,000), and 1 cedi (10,000). Banknotes All Ghanaian banknotes are issued by the Bank of Ghana. First cedi On 19 July 1965, pounds, shillings, and pence were replaced by cedi notes in values of ₵1, ₵5, ₵10, ₵50, ₵100, and ₵1,000.[3] First cedi[4] Value Description Date of issue Obverse Reverse 1 cedi Kwame Nkrumah Bank of Ghana 1965 5 cedis Supreme Court 10 cedis Independence Arch 50 cedis Beach 100 cedis Kumasi Central Hospital 1,000 cedis Bank of Ghana These images are to scale at 0.7 pixels per millimetre. 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), ₵1,000 (1991), ₵2,000 (1995), ₵5,000 (1996), ₵10,000, and ₵20,000 (2002). In 2005, banknotes in circulation were ₵1,000, ₵2,000, ₵5,000, ₵10,000, and ₵20,000. First series Second cedi - First series[5] Value Description Date of issue Obverse Reverse 1 cedi Cocoa Shield and sword 1967 5 cedis Fauna carvings Fauna carvings 1967 10 cedis Art projects Statuettes 1967 These images are to scale at 0.7 pixels per millimetre. Second series Second cedi - 1970s series[6] Value Description Date of issue Obverse Reverse 1 cedi School girl with headphones Cocoa farmer 1975 2 cedis Farmer Fishermen 1977 5 cedis Market woman Larabanga mosque 10 cedis Pipe smoker Akosombo dam 1978 These images are to scale at 0.7 pixels per millimetre. Third series Second cedi - 1980s series[7] Value Description Date of issue Obverse Reverse 2 cedis School girl Field workers 1982 5 cedis Northerner Lumberers 10 cedis Young woman Fishermen 1980 20 cedis Miner Kente weaver 1982 50 cedis Elderly man Cocoa farmers 1980 50 cedis Young boy Workers drying grain 1986 These images are to scale at 0.7 pixels per millimetre. Fourth series Second cedi - Final series[8] Value Description Date of issue Obverse Reverse 100 cedis Young woman Truck loaders 1990 200 cedis Old man Teacher and students 1992 500 cedis Black star, fist, and Gye Nyame Cocoa tree and farmers 1994 1000 cedis Diamonds Cocoa farmers 1996 2,000 cedis Coat of arms, bridge Boat loaders 1995 5,000 cedis Coat of arms Map, harbor, and ships 1998 10,000 cedis Big six Independence arch 2002 20,000 cedis Ephraim Amu National theater These images are to scale at 0.7 pixels per millimetre. 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). From the beginning banknotes was 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 it could only be exchanged at banks and was no longer legal tender. The Bank of Ghana launcheded a website on this re-denomination campaign. On 14 May 2010 a GH₵2 banknote was issued to meet public need for an intermediary denomination and reduce the frequency, and associated cost, of printing large volumes of the GH₵1 banknote. The introduction of the new denomination coincides with the conclusion of the year-long centenary celebrations of the birth of Kwame Nkrumah, Ghana’s first president, and has the commemorative text “Centenary of the Birth of Dr. Kwame Nkrumah.[9] By January 2014 it had lost 60 procent of its original value. Third cedi[10] Image Value Dimensions Main Colour Description Date of issue Obverse & Reverse Obverse Reverse 1 Ghana Cedi.png 1 cedi 137 × 65 mm Red The Big Six, Independence Arch Akosombo Dam 3 July 2007 2 Ghana Cedis.jpg 2 cedis 140 × 67 mm Beige Kwame Nkrumah Parliament House 14 May 2010 5 Ghana Cedis.png 5 cedis 141 × 68 mm Blue The Big Six, Independence Arch Balme Library: University of Ghana 3 July 2007 10 Ghana Cedis.png 10 cedis 145 × 71 mm Yellow-green Bank of Ghana 20 Ghana Cedis.png 20 cedis 149 × 74 mm Purple Supreme Court 50 Ghana Cedis.png 50 cedis 153 × 77 mm Brown Christiansborg Castle 3 July 2007 to 21 August 2012 50 Ghana Cedis.jpg 21 August 2012 These images are to scale at 0.7 pixels per millimetre. Exchange rate history These table shows the historical value of one U.S. dollar in Ghanaian cedis: Date Cedi per U.S. $ Date Cedi per U.S. $ First cedi 1965 0.824 1967 0.714 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 – 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 9500 – 9600 2007 9600 – 9300 Third cedi[11] Year January 1 May 1 September 1 2008 0.930 1.005 1.155 2009 1.265 1.460 1.465 2010 1.430 1.425 1.440 2011 1.486 1.496 1.535 2012 1.639 1.855 1.932 2013 1.905 1.974 2.150 2014 2.353 Current GHS exchange rates From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD From XE: AUD CAD CHF EUR GBP HKD JPY USD From OANDA: AUD CAD CHF EUR GBP HKD JPY USD From fxtop: AUD CAD CHF EUR GBP HKD JPY USD Note: Rates obtained from these websites may contradict with pegged rate mentioned above See also Highest-valued currency unit Economy of Ghana Previous Ghana currencies: British West African pound Ghanaian pound References Bank of Ghana. Re-denomination of the Cedi. Accessed 26 Feb 2011. Bank of Ghana. Banknotes of Ghana. Accessed 26 Feb 2011. Linzmayer, Owen (2012). Ghana. The Banknote Book. San Francisco, CA: BanknoteNews. bog.gov.gh bog.gov.gh bog.gov.gh bog.gov.gh bog.gov.gh Ghana new 2-cedi note confirmed BanknoteNews. Retrieved 2011-10-20. ghanacedi United States dollar (USD) and Ghanaian cedi (GHS) Exchange Rate History. freecurrencyrates. 11 September 2013. External links Wikinews has related news: New Ghanaian currency introduced Information on the Cedi, Bank of Ghana Information on the new cedi issue [hide] v t e Ghana Economy of Ghana Currency: Ghanaian cedi Communications Communications New media Electricity Transportation Water supply and sanitation Industries
Posted on: Mon, 24 Mar 2014 19:24:24 +0000
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