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In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. The African name Cedi (1965–1967) was introduced in place of the old British pound system. Ghana's first President Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and ...
African currency was originally formed from basic items, materials, animals and even people available in the locality to create a medium of exchange.This started to change from the 17th century onwards, as European colonial powers introduced their own monetary system into the countries they invaded.
A currency is a kind of money and medium of exchange. ... Name No. No. Formal users Euro € ... Ghana: Ghanaian cedi ₵ GHS Pesewa: 100
The local name of the currency is used in this list, with the adjectival form of the country or region. ... Ghana, Liberia, Nigeria and Sierra Leone; Canadian pound ...
Ghana Philippines Romania Uzbekistan Argentina Laos Mauritania Mozambique Switzerland Solomon Islands South Sudan Tunisia Zambia ; Pegged exchange rate within horizontal bands (1) Morocco ; Other managed arrangement (12) Kuwait Syria Liberia
The name Ghana comes from Wagadu, a vast empire in west Africa from the 3rd to 12th centuries; Wagadu was termed Ghana by Arab traders involved in the trans-Saharan trade. Ghana is thought to originate from the title Kaya Maghan of the rulers of Wagadu, which translates as ruler of gold.
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.
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