Before the cedi, Ghana used the West African Pound — here’s what to know

Long before the Ghanaian cedi became a symbol of national identity, the country, then known as the Gold Coast, used a completely different currency tied to British colonial administration.

Historical records show that the Gold Coast was part of a shared monetary system across British West Africa, where the British West African pound served as legal tender.

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The currency was issued and managed by the West African Currency Board, a London-based institution created to control and stabilise money in the region.

The West African pound was not unique to the Gold Coast alone. It was used across several British territories, including Nigeria, Sierra Leone and The Gambia.

The system, established in 1912, ensured that all these colonies operated under a unified currency pegged directly to the British pound sterling.

West African Currency Board acted as the issuing authority, maintaining full reserves in sterling to back every coin and note in circulation.

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This meant that economic control remained firmly in British hands, with limited flexibility for local financial decision-making.

The currency remained in circulation until after independence. The West African pound continued to be used in Ghana until 1958, a year after independence.

A major turning point came with the establishment of the Bank of Ghana in 1957, shortly after independence. The central bank was created to take over monetary control from colonial authorities and to issue Ghana’s own currency.

According to the Bank of Ghana, this move was key to promoting economic self-governance and giving real meaning to independence.

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In 1958, Ghana introduced its first national currency, the Ghanaian pound, marking the beginning of a transition away from colonial monetary systems.

The final break came in 1965, when Ghana replaced the Ghanaian pound with the cedi and pesewa, adopting a decimal system that was easier to use and distinctly national.

Today, the cedi stands as a national symbol, but its roots trace back to a time when a single currency connected multiple West African colonies under British control.