However, the five-year $4.5 billion Country Partnership Framework from the World Bank is expected to inject some dollar inflows into the economy and help shore up the value of the cedi. The historical exchange rates between Great Britain and Ghana have been relatively stable over the last year, fluctuating between highs of 1 to. The average exchange rate of the pound to the cedi in 2020-2021 was 1 to 7.87 GHS. Whereas Zambia agreed to an International Monetary Fund bailout of $1.4 billion in December 2021 for a crucial three-year programme to restructure its debt, Ghana is adamant about returning to the Bretton Wood institution for a similar programme to build investor credibility.Ĭrude oil has been selling above $100 per barrel, but the foreign inflows from the commodity have done little to help stabilise the cedi. The cedi’s exchange rate with major currencies around the world shows how strong the Ghanaian currency is today.
It has since fallen to about 20% of its original purchasing power when the currency was re-denominated.Ghana and the Zambian economies have been battling with fiscal slippages, whilst their rising debts have created fears among investors regarding their economic outlook. By removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa. The new cedi was gradually phased out in 2007 in favour of the “Ghana cedi” at an exchange rate of 1:10,000. 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.ĭecades of high inflation devalued the new cedi, so in 2007 the largest of the “new cedi” banknotes, the 20,000 note, had a value of about US$2. New CediĪfter the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes. one-hundred old pence so that 1 pesewa was equal to one penny. The cedi bore the portrait of the President and was equivalent to eight shillings and fourpence (8s 4d), i.e. Ghana’s first President Dr Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and pence. The African name Cedi (1965-1967) was introduced in place of the old British pound system. In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. The new republic’s first independent currency was the Ghanaian pound (1958-1965). The reference rate, published every day on the Bank of Ghana website is computed from data submitted by all banks.Įach working day, all banks submit data on all spot US$/GH¢ transactions concluded on the reporting day before 2.00 pm.Īfter independence Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. Each working day, all banks submit data on all spot US/GH transactions concluded on the reporting day before 2.00 pm. Source: Bank of Ghana Computational Reference (Closing) Rate Looking for competitive rates for your foreign currency transactions Then Ecobank is the right. Historical Rates COMPUTATION OF REFERENCE (CLOSING) RATE The reference rate, published every day on the Bank of Ghana website is computed from data submitted by all banks.
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