The Ghanaian cedi (currency sign: GH₵; currency code: GHS) is the unit of currency of Ghana. It is the fourth historical and only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas (Gp).
Ghana Cedi Exchange Rate
Here is the performance of the Ghana Cedi (GH₵) against major trading currencies like Euro to Cedi, USD to GHS, Dollars to Cedis, Pounds to Cedis and more. Ghana Cedi Exchange Rate today, 19th July 2022
|US Dollar to Ghana Cedi||7.4008||7.4082||7.4045|
|Pound Sterling to Ghana Cedi||8.8972||8.9069||8.9021|
|Swiss Franc to Ghana Cedi||7.6437||7.6506||7.6472|
|Australian Dollar to Ghana Cedi||5.1061||5.1126||5.1094|
|Canadian Dollar to Ghana Cedi||5.739||5.7445||5.7418|
|Danish Krone to Ghana Cedi||1.0176||1.0185||1.0181|
|Japanese yen to Ghana Cedi||0.0537||0.0537||0.0537|
|New Zealand Dollar to Ghana Cedi||4.6097||4.6155||4.6126|
|Norwegian Krone to Ghana Cedi||0.7463||0.7466||0.7465|
|Swedish Krona to Ghana Cedi||0.7243||0.7246||0.7245|
|South African Rand to Ghana Cedi||0.434||0.4344||0.4342|
|Euro to Ghana Cedi||7.5747||7.5823||7.5785|
|Yuan Renminbi to Ghana Cedi||1.0971||1.0982||1.0977|
|BCEAO to Ghana Cedi||86.5116||86.5984||86.555|
|Dalasi to Ghana Cedi||7.2756||7.3162||7.2959|
|Ouguiya to Ghana Cedi||48.2139||48.349||48.2815|
|Naira to Ghana Cedi||56.8978||57.1679||57.0329|
|Leone to Ghana Cedi||1788.2612||1830.0885||1809.1749|
|Ecowas to Ghana Cedi||0.0311||0.0311||0.0311|
Computational Reference (Closing) Rate
The reference rate, published every day on the Bank of Ghana website is computed from data submitted by all banks.
Each working day, all banks submit data on all spot US$/GH¢ transactions concluded on the reporting day before 2.00 pm.
Methodology – Ghana Cedi Exchange Rate
The data covers all spot transactions on the interbank markets as well as transactions with their clients that have nominal values of US$10,000 or more.
The data submitted is used to compute the weighted average exchange rate. The weighted exchange rate is published on the Bank of Ghana website, as the closing Ghana Cedi Exchange rate for the day’s transactions.
The Ghanaian Cedi
After independence Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. The new republic’s first independent currency was the Ghanaian pound (1958-1965).
In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. The African name Cedi (1965-1967) was introduced in place of the old British pound system.
Ghana’s first President Dr Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and pence.
The cedi bore the portrait of the President and was equivalent to eight shillings and fourpence (8s 4d), i.e. one-hundred old pence so that 1 pesewa was equal to one penny.
After the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes. The “new cedi” (1967–2007) was worth 1.2 cedis, which made it equal to half of a pound sterling (or ten shillings sterling) at its introduction.
Decades of high inflation devalued the new cedi, so in 2007 the largest of the “new cedi” banknotes, the 20,000 note, had a value of about US$2. The new cedi was gradually phased out in 2007 in favour of the “Ghana cedi” at an exchange rate of 1:10,000. By removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa.
It has since fallen to about 20% of its original purchasing power when the currency was redenominated.