Ghanaian cedi

Short description: Currency of Ghana

"₵" redirects here. For the cent, see ¢. For the colón, see ₡.

Not to be confused with Chedi Kingdom.

Ghanaian cedi

Cedi banknotes

ISO 4217
Code| GHS (numeric: 936)
Subunit| 0.01
Unit
Plural| cedis
Symbol| GH₵ (also often GH¢)
Denominations
Subunit|
​1⁄100| pesewa
Plural|
pesewa| pesewas
Symbol|
pesewa| Gp
Banknotes| GH₵5, GH₵10, GH₵20, GH₵50, GH₵100, GH₵200
Rarely used| GH₵1, GH₵2
Coins| 50Gp, GH₵1, GH₵2
Rarely used| 1Gp, 5Gp, 10 Gp, 20 Gp
Demographics
Replaced| Ghanaian pound
User(s)|  Ghana
Issuance
Central bank| Bank of Ghana
Website| www.bog.gov.gh
Valuation
Inflation| 17%
Source| Ghana Statistical Service

The cedi (/ˈsiːdiː/ SEE-dee; 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).

After independence in 1957, 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 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 four pence (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 that 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 lost more than 90% of its value.

## Contents

* 1 Etymology
* 2 History
* 2.1 First cedi, 1965–1967
* 2.2 Second cedi (GHC), 1967–2007
* 2.3 Third cedi (GHS), 2007–present
* 3 Coins
* 3.1 First cedi (1965–67)
* 3.2 Second cedi
* 3.3 Third cedi
* 4 Banknotes
* 4.1 First cedi (1965–67)
* 4.2 Second cedi (1967–2007)
* 4.2.1 1967 to 1979
* 4.2.2 1979 to 2007
* 4.3 Third cedi (2007–present)
* 5 Exchange rate history
* 6 See also
* 7 References
* 8 External links

## Etymology

Cedi with a cowry

The word cedi is the Akan word for cowry shell. Cowries (plural of cowry) were formerly used as currency in what is now Ghana. The Monetaria moneta or money cowry is not native to West African waters but is a common species in the Indian Ocean. The porcelain-like shells came to West Africa, beginning in the 14th century, through trade with Arab merchants. The first modern coins exclusively used at the Gold Coast were produced in 1796 but cowries were used alongside coins and gold as currency until 1901.[1][2]

## History

### First cedi, 1965–1967

First cedi Preceded by:
Ghanaian pound
Reason: decimalisation
Ratio: 2.4 first cedi = 1 pound, or 1 pesewa = 1 pennyAS  | Succeeded by:
Second cedi
Reason: convenience of exchange and an opportunity to remove Kwame Nkrumah from coins and notes
Ratio: 1 second cedi = 1.2 first cedis

|

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 sterling at a rate of 2.4 cedis = £1, or 8s 4d per cedi.

### Second cedi (GHC), 1967–2007

Second cedi (New 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 = 10 shillings | 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 Nkrumah's image from coins and notes.

The second cedi was initially pegged to sterling at a rate of ₵2 = £1. However, within months, the second cedi was devalued to a rate of ₵2.45 = £1, less than the initial value of the first cedi. This rate was equivalent to ₵1 = 0.98 U.S. dollars and the rate to the dollar was maintained when sterling 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.

The cedi's value continued to be eaten away on the black market. In the early 1980s, the government started cracking down on the retail of products at prices other than the official established sale price (also known as 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, one U.S. dollar equalled about 120 cedis 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, Ghana was forced to begin a process of gradual devaluation, as well as 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 the exchange rate chart) until by July 2007, one US dollar was worth about ₵9500, 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 ones at a rate of 10 old notes for 7 new ones. 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. Meanwhile, Ghanaians in the United Kingdom received "promise payment notes" from banks, but never received compensation. This confiscation of money 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 available cash reserves in the economy of Ghana, 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 Ghanaians to lose faith in their country's 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 barter.

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 until 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.[3]

### Third cedi (GHS), 2007–present

Third cedi (Ghanaian cedi) Preceded by:
Second cedi
Reason: inflation
Ratio: 1 third cedi = 10,000 second cedis | Currency of Ghana
2 July 2007 - Present  | Succeeded by:
Current

|
|

Because of the rampant inflation in the decades before the exchange the second cedi was only worth a small fraction of its original value. The government decided to "cut" four zeros off the currency by switching to the third cedi. The new currency was not introduced as the third cedi but is instead officially called the "Ghanaian cedi" (GH₵), in contrast to the second cedi that was officially known as the "new cedi". In the second half of 2007 both the second and third cedi were legal tender as the old currency was being gradually withdrawn. At the end of December 2007, more than 90% of all old coins and notes had been withdrawn.[4] From January 2008 old banknotes could only be exchanged at banks and were no longer legal tender.[5]

On 14 May 2010, a GH₵2 banknote was issued to meet public need for an intermediate denomination and reduce the frequency, and associated cost, of printing large volumes of the GH₵1 banknote. The introduction of the new denomination coincided 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".[6]

Due to periods of "sustained high inflation" and "perennial depreciation of the currency", the Bank of Ghana on 29 November 2019, announced the issuance of a new 2-cedi coin and as well as new 100 and 200-cedi banknotes. Existing 1 and 2 cedi banknotes remain legal tender, though these denominations will be gradually replaced by coins to reduce costs.

The third Cedi has been losing value continuously since it was introduced. In 2014, the inflation rose rapidly as the value of the third cedi fell to a fourth of its original value.[7] The devaluation was temporarily halted in the last quarter of 2014 as the currency stabilized due to a pending IMF bailout of Ghana.[8]

Due to its negligible purchasing power, the one pesewa coin is rarely seen in circulation. In September 2021, the Bank of Ghana began the process of withdrawing GH₵1 and GH₵2 notes from circulation to encourage the use of coins of their corresponding face values.[9][10]

In August 2022, accelerating inflation and continued economic mismanagement has caused the cedi's value to drop to 10 U.S. cents (GH₵10 = US$1).[11] As of September 2022[update], the annual inflation rate of 37.2% as reported by the Ghana Statistical Service was the highest since 2001.[12]

From the end of 2021 to 2024, the cedi was the world's worst-performing currency, depreciating to around GH₵15 per U.S. dollar in October 2022[13][14][15] before reaching its current all-time low of GH₵16.4 per U.S. dollar in November 2024. However, in 2025, the cedi made a remarkable turnaround, becoming the world's best-performing currency. As of 10 September 2025[update], the exchange rate is around GH₵12.25 per U.S. dollar.

Ghana’s President John Dramani Mahama said his government is promoting fiscal discipline and economic stability as part of its “Resetting Ghana” agenda. Speaking to Zambia’s National Assembly, he highlighted steps taken since returning to office, including reducing the number of ministers and deputies to 58 to lower government costs and restructuring public debt with a focus on investing in human capital. Mahama stated these reforms have contributed to a sharp drop in inflation—from about 23.4 % in late 2024 to 3.8 % in January 2026—and noted the Ghanaian cedi appreciated by 32 % in 2025. He also pointed to efforts to increase value from natural resources, including boosting gold output under the “Gold Board” and moving toward local processing of manganese and bauxite.[16]

## Coins

The Bank of Ghana has been issuing all Ghanaian coins since 1958.[17] Beside the coins in general circulation the bank has also issued commemorative coins.[18] These special coins have been issued in shillings (1958), crowns (1965), pounds (1958–1977), sikas (1997–2003) and cedis (2013–).[19] It is unclear if the Bank of Ghana considered commemorative crowns and sikas together with the commemorative pounds that were coined after 1965 as legal tender or simply as medallions.[20]

Only coins that have been or are in general circulation are included in this list. The years of issue does not indicate that the series have been coined every year in the period but that the coin has been issued more than once in the stated period. Some coins are held back and released years after they are issued. This means that in the general circulation there are worn out coins and coins in mint condition from the same issuing year. The Bank of Ghana has never stated if they are simply holding back already stamped coins until they are needed or if they are stamping coins successively with old issue years.

### First cedi (1965–67)

First cedi
(Legal tender: 1965–67)

Image | Value | Description | Date of issue
Obverse & Reverse | Obverse | Reverse | Metal | Weight | Diameter | Edge
160px  | 5 pesewas  | Kwame Nkrumah
(Lettering:)
CIVITATIS GHANIENSIS CONDITOR
(Latin: Founder of the Ghanaian State)
KWAME NKRUMAH | Five-pointed star
(Lettering:)
The value of the coin

1965  | Copper-nickel | 4.1 g  | 22 mm  | Smooth  | 19 July 1965
160px  | 10 pesewas  | 3.2 g  | 20 mm  | Milled
160px  | 25 pesewas  | 8.65 g  | 27.4 mm
160px  | 50 pesewas  | 13.9 g  | 32 mm  | Reeded

### Second cedi

Second cedi
(Legal tender: 1967–2007)

Image | Value | Description | Years of issue
Obverse & Reverse | Obverse | Reverse | Metal | Weight | Diameter | Edge
160px  | ​1⁄2 pesewa  | Adowa drums
(Lettering:)
GHANA
FREEDOM AND JUSTICE  | Five-pointed star
(Lettering:)
The value of the coin

The year of issue  | Bronze  | 2.9 g  | 20.2 mm  | Smooth  | 1967
160px  | 1 pesewa  | 5.72 g  | 25.47 mm  | 1967–1979
160px  | ​2 1⁄2 pesewas  | Cacao fruits
(Lettering:)
GHANA
FREEDOM AND JUSTICE  | The shield from the coat of arms of Ghana
(Lettering:)
The value of the coin

The year of issue  | Copper-nickel | 3.2 g  | 19.5 mm  | 1967
160px  | 5 pesewas  | 2.85 g  | 19 mm  | Reeded  | 1967–1975
160px  | 10 pesewas  | 5.6 g  | 23.5 mm  | 1967–1979
160px  | 20 pesewas  | 11.2 g  | 28 mm
160px  | 50 pesewas  | 12.5 g  | 32 mm  | Milled  | 1979
160px  | 1 cedi  | Cowry shell
(Lettering:)
GHANA
FREEDOM AND JUSTICE  | Brass  | 11.9 g  | 30 mm  | Smooth

### 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), 1 cedi (10,000) and 2 cedis (20,000).[21]

## Banknotes

The Bank of Ghana has issued all Ghanaian banknotes since 1958.[22][23] Most of the Ghanaian banknotes have been changed slightly from one year's issue to the next year's issue in the ongoing technological fight against counterfeit money. The signature on the notes also changes when a new governor takes over the management of the Bank of Ghana.[24] Such changes are frequent and are not covered in this list. The years of issue do not indicate that the series has been printed every year in the period, but that the banknote has been issued more than once in the given period.

### First cedi (1965–67)

First cedi
(Legal tender: 1965–67)

Image | Value | Description | Date of issue
Obverse & Reverse | Obverse | Reverse
130px  | 1 cedi  | Kwame Nkrumah  | Bank of Ghana  | 19 July 1965
130px  | 5 cedis  | Supreme Court
130px  | 10 cedis  | Black Star Gate
130px  | 50 cedis  | Seashore, Palms
130px  | 100 cedis  | Kumasi Central Hospital
130px  | 1,000 cedis
(Only used in Interbanking Transactions) | Black Star  | Bank of Ghana

### Second cedi (1967–2007)

#### 1967 to 1979

Second cedi – 1st series
(Legal tender: 1967–79)

Image | Value | Description | Years of issue
Obverse & Reverse | Obverse | Reverse
130px  | 1 cedi  | Cocoa  | Shield and sword  | 1967–1971
130px  | 5 cedis  | Fauna carvings  | Fauna carvings  | 1967–1969
130px  | 10 cedis  | Art projects  | Statuettes  | 1967–1970
Second cedi – 2nd series
(Legal tender: 1972–79)

Image | Value | Description | Years of issue
Obverse & Reverse | Obverse | Reverse
130px  | 1 cedi  | Young girl  | Cocoa farmer  | 1973–1978
130px  | 2 cedis  | Farmer  | Fishermen  | 1972–78
130px  | 5 cedis  | Woman  | Larabanga Mosque  | 1973–1978
130px  | 10 cedis  | Pipe smoker  | Akosombo Dam

#### 1979 to 2007

Second cedi – 3rd series
(Legal tender: 1979–2007)

Image | Value | Description | Years of issue
Obverse & Reverse | Obverse | Reverse
130px  | 1 cedi  | Young man  | Basket weaver  | 1979–1982
130px  | 2 cedis  | Schoolgirl  | Field workers
130px  | 5 cedis  | Old man  | Lumberers
130px  | 10 cedis  | Young woman  | Fishermen
130px  | 20 cedis  | Miner  | Kente weaver
130px  | 50 cedis
(Demonetized in 1982) | Old man  | Cocoa farmers  | 1979–1980
Second cedi – 4th series
(Legal tender: 1983–2007)

Image | Value | Description | Years of issue
Obverse & Reverse | Obverse | Reverse | Start | End
130px  | 10 cedis  | W. O. II Larbi, Fred Otoo, E. Kwasi Nukpor  | Rural bank building  | 1984  | 1984
130px  | 20 cedis  | Queen Mother Yaa Asantewaa  | Miner, army officer, student, demonstrators  | 1986
130px  | 50 cedis  | Young man  | Workers drying grain  | 1983
130px  | 100 cedis  | Docia Kisseih  | Loading produce  | 1991
130px  | 200 cedis  | Old man  | Teacher and students  | 1993
130px  | 500 cedis  | Black star, fist, and "Gye Nyame"  | Cocoa and miner  | 1986  | 1994
130px  | 1,000 cedis  | Diamonds  | Cocoa harvest  | 1991  | 2003
130px  | 2,000 cedis  | Adomi Bridge  | Fishermen  | 1994  | 2006
130px  | 5,000 cedis  | Coat of arms of Ghana  | Cargo ships and logs
130px  | 10,000 cedis  | The Big Six  | Black Star Gate  | 2002
130px  | 20,000 cedis  | Ephraim Amu  | National Theatre of Ghana

### Third cedi (2007–present)

Third cedi

Image | Value | Dimensions | Main Colour | Description | First issued
Obverse & Reverse | Obverse | Reverse
130px  | 1 cedi  | 137 × 65 mm  | Red  | The Big Six, Black Star Gate  | Akosombo Dam  | 3 July 2007
130px  | 2 cedis  | 140 × 67 mm  | Beige  | Kwame Nkrumah  | Parliament House  | 14 May 2010
130px  | 5 cedis  | 141 × 68 mm  | Blue  | The Big Six, Black Star Gate  | University of Ghana, The Balme Library  | 3 July 2007
| 5 cedis  | 147 × 68 mm  | Blue | James Emman Kwegyir Aggrey  | Kwame Nkrumah vessel in Tweneboa, Enyenra, and Ntomme oil fields  | 7 March 2017 (commemorative issue)
4 August 2017 (regular issue)
130px  | 10 cedis  | 145 × 71 mm  | Yellow-green  | The Big Six, Black Star Gate  | Bank of Ghana  | 3 July 2007
130px  | 20 cedis  | 149 × 74 mm  | Purple  | Supreme Court
130px  | 50 cedis  | 153 × 77 mm  | Brown  | Christiansborg Castle
| 100 cedis  | 157 x 80 mm  | Cyan  | The Big Six, Black Star Gate  | Interior of the Parliament of Ghana  | 2 December 2019
| 200 cedis  | 161 x 83 mm  | Orange  | The Big Six, Black Star Gate  | Jubilee House  | 2 December 2019

## Exchange rate history

Historical values of one U.S. dollar in Ghanaian cedis  Date | Cedi per U.S$. | Date | Cedi per U.S$.

|
|
|

First cedi (Cedi)
1965 | 0.824 | 1967 | 0.714
Second cedi (New cedi)
1970s | ~1.000 (0.833 to 1.111) | 1980 | 2.80 Bank rate
(~20 Black market)
1983 | 30.00 Bank rate
(~120 Black market) (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 | 9300–9600 |  |
Ghana Cedi (Third cedi)[25] Year | January 1 | May 1 | September 1  | October 1

|
|
|
|

2008 | 0.930 | 1.005 | 1.155  | 1.159
2009 | 1.265 | 1.460 | 1.465  | 0.688
2010 | 1.430 | 1.425 | 1.440  | 1.429
2011 | 1.486 | 1.496 | 1.535  | 1.597
2012 | 1.639 | 1.855 | 1.932  | 1.893
2013 | 1.905 | 1.974 | 2.150  | 2.179
2014 | 2.353 | 2.823 | 3.723  | 3.219
2015 | 3.215 | 3.847 | 3.831  | 3.780
2016  | 3.809  | 3.789  | 3.963  | 3.963
2022  | 6.200  | 7.550  | 10.05  | 13.100
2023  | 11.000  | 12.100[26] | 14.01  | 15.243
2024  | 11.903  | 13.623  | 15.583  | 15.782
2025  | 14.694[27] | 14.143[27] | 11.681[27] | 12.482[27]
2026  | Pending | Pending | Pending | Pending
The price of one US$ in GH₵ Current GHS exchange rates

From Google Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD XOF
From Yahoo! Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD XOF
From XE.com:  | AUD CAD CHF CNY EUR GBP HKD JPY USD XOF
From OANDA:  | AUD CAD CHF CNY EUR GBP HKD JPY USD XOF

Note: Rates obtained from these websites may contradict with pegged rate mentioned above

## See also

* Economy of Ghana
* E-Cedi
* Previous Ghanaian currencies:
* Money cowry
* Akan goldweights (golddust)
* Gold Coast ackey
* British West African pound
* Ghanaian pound

## References

1. ↑ "Cowrie shells and the slave trade". British Museum. https://www.britishmuseum.org/explore/online_tours/africa/the_wealth_of_africa/cowrie_shells_and_the_slave_tr.aspx.
2. ↑ Cash Cowries
3. ↑ "Metal cedis and pesewas – modern coins of Ghana". Allmoney.com. http://www.e-allmoney.com/coins/afr/gana-c.html.
4. ↑ "Don't Give Out Change In Old notes, Coins". Modern Ghana. 19 December 2007. http://www.modernghana.com/news/150520/1/dont-give-out-change-in-old-notes-coins-bank-of-gh.html.
5. ↑ "Time Out For Old Cedi Notes". Modern Ghana. 31 December 2007. http://www.modernghana.com/news/151875/1/time-out-for-old-cedi-notes.html.
6. ↑ "Ghana new 2-cedi note confirmedn". Banknote News. 23 July 2010. http://banknotenews.com/files/b31af730a7ecef40fe266eeec228aa2b-1069.php.
7. ↑ "Ghana Cedi at risk of sliding to 4 per Dollar, HFC says". Starrf. 5 July 2014. http://starrfmonline.com/1.1774366.
8. ↑ "IMF bail out is to stabilize the cedi". Business and Financial Times (Accra, Ghana). 3 August 2014. http://thebftonline.com/content/imf-bail-out-stabilise-cedi-terkper.
9. ↑ "Bank of Ghana to phase out GH¢1 and GH¢2 notes soon" (in en-US). 2021-09-27. https://citinewsroom.com/2021/09/bank-of-ghana-to-phase-out-gh¢1-and-gh¢2-notes-soon/.
10. ↑ "GH¢1 and GH¢2 coins won't suffer fate of 1 pesewa coin – Financial Expert assures" (in en). 2021-09-29. https://www.ghanaweb.com/GhanaHomePage/business/GH-1-and-GH-2-coins-won-t-suffer-the-fate-of-1-pesewa-coin-Financial-Expert-assures-1368319.
11. ↑ "We're already 'Breaking the 10'; the dollar is over-speeding – Dr. Otchere-Ankrah 'shades' NPP" (in en). 2022-08-18. https://www.ghanaweb.com/GhanaHomePage/NewsArchive/We-re-already-Breaking-the-10-the-dollar-is-over-speeding-Dr-Otchere-Ankrah-shades-NPP-1605671.
12. ↑ "CORRECTED-Ghana consumer inflation rises to 37.2% in September, statistics service says" (in en). Reuters. 2022-10-12. https://www.reuters.com/article/ghana-inflation-idUKC6N2L0029.
13. ↑ Munshi, Neil; Dontoh, Ekow; Gokoluk, Selcuk; Monteiro, Ana (8 December 2022). "Emerging-Market Debt Is Sliding Into Distress. Just Look at Ghana" (in en). Bloomberg News. https://www.bloomberg.com/news/features/2022-12-08/emerging-economies-have-a-high-default-risk-in-2023.
14. ↑ AfricaNews (2022-10-18). "Ghana's cedi now the world's worst-performing currency as Kenya's shilling also struggles" (in en). https://www.africanews.com/2022/10/18/ghanas-cedi-now-the-worlds-worst-performing-currency-as-kenyas-shilling-also-struggles/.
15. ↑ "$1 now ¢15.20; rate of depreciation to pound, euro slow down – MyJoyOnline.com" (in en-US). 2022-10-24. https://www.myjoyonline.com/1-now-15-20-rate-of-depreciation-to-pound-euro-slow-down/.
16. ↑ "Mahama: Cutting ministers, restructuring debt is rebuilding Ghana" (in en-US). 2026-02-05. https://citinewsroom.com/2026/02/mahama-cutting-ministers-restructuring-debt-is-rebuilding-ghana/.
17. ↑ "Bank of Ghana – A brief historical background". Bank of Ghana. http://www.bog.gov.gh/index.php?option=com_content&view=article&id=130:bank-of-ghana&catid=64:about-us&Itemid=171.
18. ↑ "Ghana coins". Numista. http://en.numista.com/catalogue/ghana-1.html.
19. ↑ George S. Cuhaj; Thomas Michael (15 September 2011). Unusual World Coins. Krause Publications. pp. 262–264. ISBN 978-1-4402-1712-8. https://books.google.com/books?id=NUg1HUZt5OEC&pg=PA262.
20. ↑ "Ghanaian gold coins". Tax Free Gold. http://taxfreegold.co.uk/ghana.html.
21. ↑ "Ghana's 1 Pesewa Seldom Seen". NumisMaster.com. 22 March 2011. http://www.numismaster.com/ta/numis/Article.jsp?ArticleId=18631.
22. ↑ "Banknotes of Ghana". Bank of Ghana. http://www.bog.gov.gh/index.php?option=com_content&view=article&id=168&Itemid=171.
23. ↑ "Bank Og Ghana issued banknotes". The Banknote Museum. http://www.banknote.ws/COLLECTION/countries/AFR/GHA/GHA.htm.
24. ↑ "Banknot News page about Ghana". Banknote News. http://www.banknotenews.com/files/tag-ghana.php.
25. ↑ "United States dollar (USD) and Ghana cedi (GHS) Exchange Rate History". freecurrencyrates.com. http://www.freecurrencyrates.com/exchange-rate-history/USD-GHS/2013.
26. ↑ "US Dollar to Ghanaian Cedi Exchange Rate for 2nd May 2023 ($1 = Ghs12.10)" (in en-us). 2023-05-02. https://ghanaeducation.org/us-dollar-to-ghanaian-cedi-exchange-rate-for-2nd-may-2023-1-ghs12-10/.
27. ↑ 27.0 27.1 27.2 27.3 "US Dollar to Ghanaian Cedi Exchange Rate Chart | Xe". https://www.xe.com/currencycharts/?from=USD&to=GHS&view=10Y.

## External links

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* Original source of the above pre-2007 Ghanaian banknotes: https://www.banknotes.com/gh.htm

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