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After independence, Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. The new republic's first independent currency was the Ghanaian pound (1958–1965). In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system.
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.
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.
(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 ...
Since 1966 Ghana has been caught in a cycle of debt, weak commodity demand, and currency overvaluation, which has resulted in the decay of productive capacities and a crippling foreign debt. [1] Once the price of cocoa fell in the mid-1960s, Ghana obtained less of the foreign currency necessary to repay loans, the value of which jumped almost ...
2004 December - John Kufuor re-elected as president of Ghana. 2006 - Ghana National football team, the black stars play in the 2006 FIFA World Cup. 2007 March - Ghana @ 50 celebrations mark 50 years of independence from Britain. 2007 June - Ghana discovers oil in commercial quantities. The oil reserves total 3 billion barrels.
Colour key and notes Indicates that a given currency is pegged to another currency (details) Italics indicates a state or territory with a low level of international recognition State or territory Currency Symbol [D] or Abbrev. ISO code Fractional unit Number to basic Abkhazia Abkhazian apsar [E] аҧ (none) (none) (none) Russian ruble ₽ RUB Kopeck 100 Afghanistan Afghan afghani ؋ AFN ...
Ghana's gross international reserves stood at $6.6 billion as of end-September — just enough to cover about three months' worth of imports.