Cedi at 60: Tracing Ghana’s Currency Journey from Cowries to the Modern Ghana Cedi

The Bank of Ghana (BoG) has begun celebrations marking the 60th anniversary of the Ghana Cedi, starting Tuesday, 28 October 2025. The commemoration features a series of national events designed to highlight the currency’s historical and economic significance.

The official launch ceremony is taking place at the Accra International Conference Centre, with President John Mahama as the Special Guest of Honour.

As part of this milestone, here is a detailed look at how the Ghana Cedi has evolved over the past six decades.

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History of the Ghana Cedi

Before independence, the West African Currency Board (WACB) was responsible for issuing currency. The West African pound, shillings and pence served as legal tender under this system and remained in circulation in Ghana until July 1958.

First Issue of National Currency

After independence, the newly established Bank of Ghana became the nation’s monetary authority. On 14 July 1958, it issued Ghana’s first national currency, Ghana pounds, shillings and pence, officially taking over currency issuance from the WACB.

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The Birth of the Cedi

Ghana made its second major currency change in early 1965 when it adopted the decimal system, moving away from the British colonial monetary structure. On 19 July 1965, the Cedi notes and Pesewa coins were introduced, replacing the Ghana pounds, shillings and pence. The Cedi was valued at eight shillings and four pence (8s 4d) and featured the portrait of then President Dr Kwame Nkrumah.

The name “Cedi” comes from the word “sedie”, meaning cowrie, a shell once used as money in parts of West Africa. “Pesewa”, representing the smallest unit of value in the gold-dust trading era, replaced the British penny.

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The New Cedi

Following the overthrow of the Convention People’s Party (CPP) government in 1966, the military administration replaced the currency bearing Nkrumah’s image. On 17 February 1967, the “New Cedi” (N¢) was introduced, replacing the old Cedi at a rate of ¢1.20 to N¢1.00. This new issue removed Nkrumah’s portrait and remained in circulation until March 1973, when it reverted to being called the Cedi.

Currency Demonetisation

On 9 March 1979, the government introduced new Cedi notes to replace the existing ones. The replacement carried a discount of 30% for amounts up to ¢5,000 and 50% for amounts exceeding ¢5,000, effectively demonetising the old notes. The new denominations included ¢1, ¢2, ¢5, ¢10, ¢20 and ¢50.

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Currency Denomination Evolution

Between 1965 and 2002, the Bank of Ghana issued a wide range of denominations, from ¢1 to ¢5,000 for notes and from ½P to ¢500 for coins. Between 1972 and 1994, seven additional note denominations and eight new coin denominations were introduced, with the highest note reaching ¢5,000. By 2002, two more higher-value notes, ¢10,000 and ¢20,000, were added to facilitate larger transactions as inflation increased.

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The 2007 Redenomination of the Cedi

In July 2007, the Bank of Ghana undertook a major currency reform to simplify transactions and restore public confidence in the Cedi. This redenomination saw the introduction of the Ghana Cedi (GH¢), which replaced the old Cedi at a rate of GH¢1 to ¢10,000.

The redenomination introduced new notes in denominations of GH¢1, GH¢5, GH¢10, GH¢20 and GH¢50, alongside coins of 1Gp, 5Gp, 10Gp, 20Gp and 50Gp. The move was intended to make transactions easier, reduce the volume of cash in circulation and strengthen the currency’s image.

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This modern version of the Cedi remains Ghana’s legal tender today, with additional denominations such as GH¢100 and GH¢200 notes later introduced to accommodate higher-value transactions in an expanding economy.