Ghana cedi
1 EUR = 3.5174 GHS 1 GHS = 0.2843 EUR
1 CHF = 2.8748 GHS 1 GHS = 0.34785 CHF
The cedi is the official currency of Ghana. It is divided into 100 Pesewas. His ISO abbreviation GHS, the currency symbol (Unicode: U 20 B5 cedi sign ). The name derives from the Cedi Akan word for cowry - " sedative " - from. Cowries were from the 15th century to the early 20th century cash in West Africa.
History
1965-1967 - First Cedi
On Monday, July 19, 1965, the cedi was introduced as the official currency in the newly independent Ghana eight years earlier. It replaced the South African pound (£ G ), a decimal currency in relation £ 1.00 G = 2.40 cedi. The new currency was pegged Cedi 2.40 = £ 1 to the British Pound in the ratio.
Historical Prices of the First Cedi
1967-2007 - Second Cedi
After the overthrow of Kwame Nkrumah in 1966, the Second cedi ( ISO Abbreviation: GHC) was on February 23, introduced in 1967. This was due to the usefulness of the exchange and the desire to remove the portrait of Nkrumah's coins and paper money. The exchange rate was 1.00 = 1.20 GHC old cedi, thus GHC 1.00 = £ 2.00.
Top v.l.n.r.: 50 Pesewas, 1 Pesewa. Below v.l.n.r.: 10 Pesewas, 5 Pesewas.
Back of a 20 cedi coin from 1991
Historical Prices of the Second cedi
- February 1967 - July 1967: 1 New Cedi = 10 s sterling ( British ) or $ 1.40 = 71.43 Pesewas
- July 1967 - November 1967: 1 pounds ( GBP ) = 2,857 New Cedi or $ 1 (USD ) = 1.0204 New Cedi
- November 1967 - August 1971: 1 New Cedi = 8 s 2 d or 1 New Cedi = 40.83 New Pence ( British )
- December 1971 - February 1972: 1 GBP = 4,738 New Cedi or 1 USD = 1.8182 New Cedi
- June 1972 - February 1973: 1 GBP = 3.335 New Cedi or 1 USD = 1.28 New Cedi
- February 1973 - June 1978: USD 1 = 1.15 New Cedi or 1 Cedi = 86.96 U.S. cents
- August 1978: USD 1 = 2.75 New Cedi or 1 New Cedi = 36.36 U.S. cents
- Middle course for the year 1984: 1 USD = 35.34 GHC
- Medium price for 1985: 1 USD = 54.05 GHC
- Medium price for 1986: 1 USD = 89.29 GHC
- Middle course for the year 1989: 1 USD = 270.00 GHC
- Middle course for the year 1990: USD 1 = 326.33 GHC
- Medium price for 1991: 1 USD = 367.28 GHC
- Medium price for 1992: 1 USD = 437.09 GHC (estimate )
- Middle course for the year 1993: 1 USD = 649.06 GHC
- Middle course for the year 1996: 1 USD = 1637.23 GHC
- Middle course for the year 1997: 1 USD = 2050.17 GHC
- Middle course for the year 1998: USD 1 = GHC 2314.15
- Middle course for the year 1999: 1 USD = 2647.32 GHC
- Middle course for the year 2000: 1 USD = 5526.61 GHC
- Middle course for the year 2001: 1 USD = 7170.75 GHC
- Middle course for the year 2002: 1 USD = 7932.70 GHC
- Middle course for the year 2003: 1 USD = 8677.37 GHC
- Middle course for the year 2004: USD 1 = 8915.19317 GHC
- Middle course for the year 2005: USD 1 = 9074.09488 GHC
- Middle course for the year 2006: USD 1 = 9445.24378 GHC
- Middle course for the year 2007: USD 1 = 9607.96389 GHC
2007 to present - Third Cedi
On 1 July 2007 there has been an introduction of the cedi in Ghana. Here, the old cedi (ISO-4217 Code: GHC) was devalued 10,000:1 ( four zeros crossed out ) and the new Ghana cedi ( ISO 4217 code: GHS) provided on the basis of 1:1 to the U.S. dollar. The Ghana Cedi is divided into 100 Ghana Pesewas. For a transitional period of six months were both old and new cedi valid parallel as circulating cash in daily business with private consumers. Since 31 December 2007, the old cedi is no longer valid.
The Ghanaian government promised with the introduction of the cedi a positive effect on the environment of macroeconomic stability and referred in advance to countries like Brazil, Argentina, Mexico and Turkey, which have collected in the past with similar programs positive experiences. After the announcement of the measure Fears were expressed that there could this come to similar losses, such as after the massive Cedi depreciation in 1979. However, came to the representatives of the Bank of Ghana decided against because the value of the currency by converting to a different base will not be affected. In particular, the government hoped to achieve a reduction in the inflation rate and the rate of interest for long-term investments by this step. Just these two criteria are extremely important for those countries who wanted to be involved in 2009 with the introduction of the Eco. Following the example of Euro 2009, the ECO should be introduced in the associated countries to the West African Monetary Zone (ECO zone) as a common West African currency, to which Ghana has declared its accession intentions.