GHS - Ghanaian Cedi

Since founding in 1957, the Bank of Ghana has managed its currency, overseeing monetary policy, inflation control, and currency issuance. The Cedi operates on a floating exchange rate system, meaning its value changes based on market supply and demand.

The Cedi has been through several versions. The first Cedi was introduced in 1965, replacing the Ghanaian Pound. After experiencing periods of inflation, the Cedi was re-denominated in 2007, introducing the “new Cedi” (GHS), which removed four zeroes from the old currency. Today, the Cedi remains central to Ghana’s growing economy.

The name Cedi originates from the Akan word for cowry shell, which was historically used as currency in the region before British colonial rule. The current third cedi, introduced in 2007, replaced the old cedi at a rate of 1:10,000, effectively removing four zeros from the currency. This redenomination made the Ghanaian Cedi one of the highest-denominated currency units issued in Africa.

The Ghanaian Cedi symbol is “₵,” a stylized “C” with a vertical stroke. In international markets, it’s known by the code “GHS.” The name cedi comes from the Akan word for cowry shell, a widely used form of currency in West Africa before the introduction of coins and paper money.