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This process ended in 1990 with a free float of the cedi against foreign currencies. Inflation continued (see the exchange rate chart) until by July 2007, one US dollar was worth about ₵9500, and a transition to the third cedi was initiated. In 1979 a currency confiscation took place.
The pound was the currency of Ghana between 1958 and 1965. It was subdivided into 20 shillings, each of 12 pence. Until 1958, Ghana used the British West African pound, after which it issued its own currency. In 1965, Ghana introduced the first cedi at a rate of £1 = ₵2.40, i.e., ₵1 = 100d.
Many African countries change their currency's appearance when a new government takes power (often the new head of state will appear on bank notes), though the notional value remains the same. Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar).
(Bloomberg) -- Africa’s second-most aggressive monetary authority after Zimbabwe is set to show Ghana’s resolve once again by raising interest rates at its final meeting of the year to boost ...
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FAYETTEVILLE, Ark. — Defense has not won any kind of championship for No. 3 Texas this season, but it lifted the Longhorns one step closer to the SEC title game during a hard-fought 20-10 win ...
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
Ghana's gross international reserves stood at $6.6 billion as of end-September — just enough to cover about three months' worth of imports.
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