Ghanaian Cedi (GHS)
The cedi takes its name from "sika," the Akan word associated with cowrie shells once used as currency. The current cedi (GHS) dates to 2007, when Ghana redenominated its original cedi at a rate of 10,000 old cedis to 1 new cedi, after years of high inflation had eroded the old currency's value.
GHS ⇄ USD Converter
History
Ghana introduced its first cedi in 1965, replacing the Ghanaian pound shortly after independence. Persistent inflation through the 1970s, 80s, and 90s steadily eroded its value, leading the Bank of Ghana to carry out a redenomination in July 2007 — dropping four zeros to create the "Ghana cedi" (GHS) still in use today. The redesign also introduced enhanced security features to combat counterfeiting.
Denominations
Ghanaian cedi banknotes currently circulate in these denominations:
- 1, 2, 5 cedis — smaller everyday notes
- 10, 20, 50, 100, 200 cedis — mid-to-higher value notes
Coins are issued in 1, 5, 10, 20, and 50 pesewas, plus a 1 cedi coin.
Frequently Asked Questions
What is the currency symbol for the cedi?
The cedi's symbol is GH₵. Its ISO 4217 currency code is GHS.
Why was the cedi redenominated in 2007?
Decades of inflation had left the old cedi with very large numerical values for everyday transactions. The Bank of Ghana removed four zeros in 2007 to simplify pricing and restore confidence in the currency.
Is the cedi pegged to the US dollar?
No, it floats freely and has experienced significant volatility over the years, particularly during periods of high inflation and debt restructuring.
Where can I see rates for other African currencies?
Check the full currency directory on the African Currencies homepage, which covers all 54 African countries.