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Why Ghana Cedi Look Stronger Than Naira - Business - Nairaland

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Why Ghana Cedi Look Stronger Than Naira by Peter12396(m): 8:41am On Dec 13, 2018
The Ghana cedi (currency sign: GH₵; currency
code: GHS) is the unit of currency of Ghana. It is
the fourth and only legal tender in the Republic of
Ghana. One Ghana cedi is divided into one
hundred pesewas (Gp). After it gained 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 African name Cedi
(1965-1967) was introduced in place of the old
British pound system. Its first president Kwame
Nkrumah introduced Cedi notes and Pesewa
coins in July 1965 to replace the Ghana pounds, shillings and pence. The cedi was equivalent to
eight shillings and four pence (8s 4d) and bore
the portrait of the President After a military coup the new leaders wanted to
remove the face of Nkrumah from the banknotes.
The new cedi (1967-2007) was worth 1.2 cedi
which made it equal to half of a pound sterling at
its introduction. After decades of high inflation
had devalued the new cedi, it was gradually phased out in 2007 in favor of the Ghana cedi at
an exchange rate of 1:10,000. In 2007 the largest of the new cedi banknotes, the 20,000
note, had a value of about US$2. By removing
four digits the Ghana cedi became the highest-
denominated currency unit issued in Africa. It has since lost about 80% of its value.

Note;ghana cedi is not stronger than naira they just removed four zeros to avoid their currency not to be like zimbabwe dollar by devaluation


https://en.m.wikipedia.org/wiki/Ghanaian_cedi

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