Ghanaian have been exchanging the cedi for legal tender for many years now.
However, we are so much in tune with our daily hustle, to learn a bit more about the almighty cedi.
This is why you have us; to break down all the details into ten simple facts.
1. Before Ghana began using the Cedi, we used the British West African Pounds.
2. The cedi is the fourth and only Legal Tender in Ghana.
3. Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghana pounds, shillings and pence.
4. The cedi was equivalent to eight shillings and four pence (8s 4d) and bore the portrait of the President.
5. After a military coup the new leaders wanted to remove the face of Nkrumah from the banknotes. The “new cedi” (1967-2007) was worth 1.2 cedi which made it equal to half of a pound sterling at its introduction.
6. 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 till 2007.
7. The 2cedi note was issued on 14th May 2010.
8. The water mark on the cedi is an image of Tetteh Quarshie, who is credited for Ghana’s cocoa wealth.
9. The third Cedi has been losing value continuously since it was introduced. In 2014, the inflation rose rapidly.
10. The different cedi notes are embedded with pictures of historic monuments. These monuments tell a story.
