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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.
5-sol French coin and silver coins – New France; Spanish-American coins- unofficial; Playing cards – 1685-1760s, sometimes officially New France; 15 and a 30-deniers coin known as the mousquetaire – early 17th century New France; Gold Louis – 1720 New France; Sol and Double Sol 1738–1764; English coins early 19th century
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).
Ghana was the world's leading producer of cocoa, boasted a well-developed infrastructure to service trade, and enjoyed a relatively advanced education system. [1] At independence, President Kwame Nkrumah sought to use the apparent stability of the Ghanaian economy as a springboard for economic diversification and expansion. [ 1 ]
(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 ...
ACCRA, Ghana (AP) — Meet Ace-Liam Ankrah, a Ghana toddler who has set the record as the world's youngest male artist. His mother, Chantelle Kukua Eghan, says it all started by accident when her ...
Ernest Addison is the Governor of the Bank of Ghana. In June 2021, he announced the development of the E-Cedi. CBDC currencies are digital currencies that digitize a country's fiat currency. Electronic tokens backed by the Ghana government will replace coin minting or printing paper notes. [1] [2] [3] [4]