Ghanaian Cedi flag

Ghanaian Cedi

Ghana Cedi

Currency Code

GHS

ISO 936

Symbol

GHS

Native: ₵

Decimal Digits

2

Rounding: 0

Countries

GH

Using this currency

Currency Units

Major Unit

Name: cedi

Symbol: ₵

Minor Unit

Name: pesewa

Symbol: Gp

Value: 0.01

Banknotes

Frequently Used

₵1₵2₵5₵10₵20₵50₵100₵200

Coins

Frequently Used

1 Gp5 Gp10 Gp20 Gp50 Gp₵1₵2

Plural Forms

English Plural

Ghanaian cedis

Native Plural

Ghana Cedis

Overview

The Ghanaian Cedi is the currency of Ghana, managed by the Bank of Ghana. It was redenominated in 2007 and has experienced volatility due to fiscal challenges, but Ghana remains one of West Africa's more stable economies.

Economy

  • Ghana is a member of AU, ECOWAS, Commonwealth, Non-Aligned Movement.
  • Main industries include: Mining, Lumbering, Light manufacturing, Aluminum smelting, Food processing, Cement, Small commercial ship building.
  • Ghana is part of the World Trade Organization.
  • Imports are capital equipment, refined petroleum, foodstuffs.
  • Major exports include gold, oil, cocoa, timber, tuna, bauxite, aluminum, manganese ore, diamonds, horticultural products.
  • GDP: $77.6 billion (2023 est.).
  • GDP per capita: $2,373 (2023 est.).
  • Unemployment rate: 4.7% (2017 est.).
  • Inflation rate: 38.1% (2023 est.).
  • Main trading partners: China, Netherlands, United Kingdom, India, United Arab Emirates, France.
  • Trade agreements: ECOWAS, African Continental Free Trade Area, EU Economic Partnership Agreement.

History

  • Previous currencies used: Ghanaian pound, British West African pound, Old cedis (multiple versions).
  • The current cedi was introduced in 2007, replacing the old cedi at 10,000:1. The name 'cedi' comes from the Akan word for cowrie shell, a traditional medium of exchange.
  • 1965: First cedi introduced, replacing Ghanaian pound
  • 1967: Devaluation due to economic pressures
  • 1972: Second cedi introduced
  • 1979: Third cedi introduced
  • 2007: Fourth cedi (current) introduced at 10,000:1
  • 2014-2016: Significant depreciation period
  • Exchange rate peg: Free floating with interventions.

General Information

  • ISO 4217 Code: GHS
  • Symbols: GHS/₵
  • Currency Subunits: 100 pesewas
  • Central Bank: Bank of Ghana
  • Monetary Policy: Inflation targeting with flexible exchange rate. Focus on price stability while supporting economic growth and development.
  • Bills: 1 GHS, 2 GHS, 5 GHS, 10 GHS, 20 GHS, 50 GHS, 100 GHS, 200 GHS
  • Coins: 1 pesewa, 5 pesewas, 10 pesewas, 20 pesewas, 50 pesewas, 1 cedi, 2 cedis
  • USD Exchange Rate: Variable (approximately 12-13 GHS per USD)
  • Pegged To: None (Floating)
  • Capital: Accra
  • Population: 33,475,870 (2023 est.)
  • Area: 238,533 km²
  • Languages: English (official), Akan, Moshi-Dagomba, Ewe, Ga
  • Time Zones: UTC+0 (Greenwich Mean Time)
  • Government Type: Presidential republic
  • Head of Government: President (head of state and government)
  • Independence: March 6, 1957 (from United Kingdom)
  • Ethnic Groups: Akan 45.7%, Mole-Dagbani 18.5%, Ewe 12.8%, Ga-Dangme 7.1%, Gurma 6.4%, Guan 3.2%, Grusi 2.7%, Mande 2%, Other 1.6%
  • Religions: Christian 71.3%, Muslim 18%, Traditional 5%, Other 0.6%, None 5.1%
  • Literacy Rate: 79% (2018 est.)
  • Transport: Kotoka International Airport, road networks, railways, Tema and Takoradi ports
  • Communications: Good telecommunications, 61% internet penetration, extensive mobile coverage
  • Energy: Hydroelectric 66%, Thermal 34%, developing solar and wind projects
  • Countries Using This Currency: Ghana
  • Data Sources: Central Bank: Bank of Ghana (bog.gov.gh), Economic Data: Ghana Statistical Service, World Bank, IMF, Trade Data: Ghana Revenue Authority, Demographic Data: Ghana Statistical Service, Geographic Data: Ghana Meteorological Agency, Historical Data: Bank of Ghana archives
  • Last Updated: 2025