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Today’s Ghana Cedi exchange rates; See euro to cedi, USD to Cedi, Pound to Cedi, Canadian Dollar to Cedi, and the performance of the cedi against other major trading currencies according to official figures from the Bank of Ghana
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).
1 Ghana Cedi Exchange Rate – Dollar to cedi
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, Canadian Dollar to Cedi, Australian Dollar to Cedi, and more. Cedi Exchange Rate today, December 5, 2022
|US Dollar to Cedi||13.0968||13.11|
|Pound to Cedi||15.9926||16.0112|
|Swiss Franc to Cedi||13.9624||13.9762|
|Australian Dollar to Cedi||8.8375||8.8494|
|Canadian Dollar to Cedi||9.696||9.7055|
|Danish Krone to Cedi||1.8554||1.8572|
|Japanese Yen to Cedi||0.0962||0.0963|
|New Zealand Dollar to Cedi||8.2985||8.3098|
|Norwegian Krone to Cedi||1.3279||1.3288|
|Swedish Krona to Cedi||1.2662||1.267|
|South African Rand to Cedi||0.7535||0.7542|
|Euro to Cedi||13.7974||13.8123|
|Yuan Renminbi to Cedi||1.8816||1.8827|
|BCEAO (CFA franc) to Cedi||47.4908||47.5421|
|Dalasi to Cedi||4.6667||4.9071|
|Ouguiya to Cedi||27.2448||27.3212|
|Naira to Cedi||33.8492||33.9858|
|Leone to Cedi||1395.355||1412.4942|
|Ecowas to Cedi||0.0099||0.0099|
2 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.
3 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 re-denominated.