Ghana’s Currency Explained: 10 Fascinating Facts About Cedis and Pesewas

If you’ve ever held a handful of colorful bills in Kumasi’s market, only to have a vendor smile and gently show you how to count your cedis or pesewas, you’re not alone.

Ghana’s currency, the cedi (/ˈsiːdiː/), might seem unfamiliar at first, but it’s much simpler than it looks. Whether you’re buying produce at Kejetia Market, picking out a kente cloth, or taking a taxi, knowing the basics of Ghana’s currency can make your visit much easier.

From its fascinating history to practical tips for handling it confidently, this guide will help you make the most of your time in Kumasi.

The Basics of Ghana’s Currency: The Ghanaian Cedi

The Ghanaian cedi (GHS) is the official currency of Ghana.

It’s available in both coins and banknotes, making it easy to use for everyday transactions, whether you’re shopping at Kejetia Market or enjoying street food in Kumasi.

Here’s a quick breakdown of cedi denominations:

• Banknotes: 1, 2, 5, 10, 20, 50, 100, and 200 cedis
• Coins: 1, 2, 5, 10, 20, 50 pesewas, and 1 and 2 cedis

The History of the Ghanaian Cedi

Ghana’s currency has a long and unique heritage, reflecting the country’s journey through pre-colonial trade, colonial rule, and modern economic challenges.

The name “cedi” comes from the Akan word for cowry shells, akyi. These shells were used as currency in trade networks across West Africa, symbolizing wealth and playing a central role in the Ashanti Empire’s flourishing economy.

Colonial Rule and the British Influence

During British colonial rule, Ghana’s economy was tied to the British monetary system. The West African Currency Board managed currency circulation, introducing coins and notes linked to the pound sterling.

This dependency reflected the broader colonial strategy of controlling economic resources.

After gaining independence in 1957, Ghana sought economic sovereignty by introducing the Ghanaian pound, which replaced British currency in the country.

Introduction of the Cedi and Early Challenges

In 1965, under President Kwame Nkrumah, the cedi was introduced to simplify transactions by switching to a decimal-based system. This change marked a bold step toward a more independent monetary policy.

However, political instability soon disrupted the cedi’s early years. Following a military coup in 1967, a second version of the cedi was issued, but recurring economic difficulties led to hyperinflation in the 1970s and 1980s, eroding the currency’s value.

Modern Reforms and the 2007 Re-Denomination

By 2007, Ghana undertook a major reform to stabilize its economy. The modern cedi was introduced through a re-denomination exercise, cutting four zeros from the old currency.

This change simplified transactions, restored confidence in the currency, and aligned it more closely with international standards. Despite these reforms, some locals still refer to amounts in “thousands,” a habit from pre-2007 pricing.

Currency Management and Production Today

Today, the Bank of Ghana oversees the production and management of the currency. Banknotes are designed with advanced security features like watermarks and holograms to combat counterfeiting.

Coins are often minted locally or through international partnerships, while banknotes are printed by specialized companies abroad, such as De La Rue in the UK and Giesecke+Devrient (G+D) in Germany.

These efforts are said to ensure Ghana’s currency remains secure and reliable for both domestic and international use.

The Cultural and Artistic Features of Cedis and Pesewas

Ghanaian currency is more than just a means of exchange—it’s a canvas that reflects the nation’s identity, history, and values.

Both cedis and pesewas are designed with elements that celebrate Ghana’s cultural heritage and achievements, making the currency uniquely Ghanaian.

The Big Six: Honoring Independence Heroes

On the front of many cedi banknotes, you’ll find portraits of the Big Six – visionary leaders who were instrumental in Ghana’s independence movement.

These leaders include Kwame Nkrumah, Ghana’s first president, alongside Ebenezer Ako-Adjei, Edward Akufo-Addo, Joseph Boakye Danquah, Emmanuel Obetsebi-Lamptey, and William Ofori Atta.

While the Big Six have not been featured since the introduction of the cedi in 1965, their images have appeared on modern cedi banknotes, introduced in 2007.

Many Ghanaians would have loved to see them depicted in traditional attire, such as Kente cloth, reflecting Ghana’s cultural pride.

However, their formal suits are seen as a balance between tradition and modernity, symbolizing their leadership and global vision.

Adinkra Symbols: Gye Nyame and Ghanaian Identity

Adinkra symbols, deeply rooted in Ghanaian tradition, appear on the banknotes as a nod to the nation’s cultural heritage.

Most notably, the symbol Gye Nyame, which translates to “Except for God,” represents the supremacy of God and is a powerful emblem of Ghanaian faith and resilience.

This iconic symbol is woven into the design of the currency, connecting the cedi to Ghana’s spiritual and cultural values.

Landmarks and National Pride

The back of the banknotes celebrates Ghana’s achievements and iconic landmarks. For example:

• The Independence Arch on the 10 cedi note symbolizes the country’s liberation from colonial rule.
• The Kwame Nkrumah Mausoleum, featured on higher denominations, honors Ghana’s first president and his legacy.
• The University of Ghana represents the country’s commitment to education and progress.

The Design of Pesewas

Even pesewa coins are rich in symbolism. These smaller denominations often feature images that highlight Ghana’s natural resources, such as cocoa, fish, and palm trees – key exports that drive the nation’s economy.

The thoughtful design of pesewas ensures that even the smallest coin carries significance and tells a story.

Security Meets Artistry

Beyond their cultural and historical significance, the cedi and pesewa designs incorporate advanced security features to prevent counterfeiting.

These include watermarks, holograms, and color-shifting ink, blending modern technology with Ghana’s artistic and cultural elements.

Everyday Tips for Using the Ghanaian Cedi in Kumasi

In Kumasi, cash is king. Although mobile money services like MTN MoMo are gaining traction, many vendors still rely on cash. Here’s how to handle your money effectively:

• Carry Small Denominations: Vendors often lack change for larger bills, such as 100 or 200 cedis.
• Use Pesewas: Coins like 10 or 50 pesewas are helpful for small transactions, such as buying bottled water.
• Break Larger Bills: When possible, exchange larger notes for smaller ones at banks or larger stores.

Carrying and Handling Ghanaian Currency with Confidence

Carrying what feels like a “bag full of money” can seem intimidating, especially when you’re handed high denominations like 100 or 200 cedis. It helps to familiarize yourself with the exchange value of the notes and mentally break them down into smaller, practical amounts.

For example, think of 200 cedis as being roughly $15–$20 (€14 – €18, or £12 – £16) depending on the exchange rate.

This perspective can ease any worry about handling large amounts. When paying, always double-check the amount being requested and the bill you’re handing over.

Mistakes can happen, especially with unfamiliar currency, and it’s easy to accidentally give more than intended. Keeping smaller notes on hand for daily purchases – like shopping, taxi fares, or snacks – can save you from overpaying or struggling to get change.

How to Safely Exchange Currency in Kumasi

If you need cedis while in Kumasi, here are your options:

• ATMs: These are a convenient way to withdraw cash. Reliable options include Stanbic Bank and CalBank ATMs. Be mindful of fees and always use ATMs in secure locations.
• Forex Bureaus: These offer competitive exchange rates and are safer than street money changers.
• Avoid Street Changers: Counterfeit notes and poor exchange rates are common risks when using informal money changers.

Safe ATM Withdrawal Tips:

• Use ATMs during the day in busy areas.
• Check the exchange rate before withdrawing.
• Count your cash immediately to ensure the correct amount.

Managing Money in Kumasi: What You Need to Know

Budgeting and organizing your cash can make your trip smoother. Here’s how:

• Set a Daily Budget: Plan your expenses for meals, transport, and activities. Only carry the amount you need for the day.
• Avoid Flashing Cash: Handle your money discreetly, especially in crowded markets.
• Organize Your Wallet: Separate notes by denomination for easy access.

Staying Confident When Handling Large Denominations

If you’re unfamiliar with Ghana’s currency, handling large denominations might feel overwhelming. However, breaking these amounts down in your mind can make things simpler.

For example, 100 cedis can cover a meal for two or a few taxi rides, while smaller denominations like 5 or 10 cedis are great for snacks or short trips.

Using a travel wallet to organize your money by denominations can help you stay prepared. Always double-check amounts during transactions to avoid errors – it’s an easy habit that ensures you don’t overpay.

Quick Summary of Key Points

10 Things to Know About Ghana’s Cedis and Pesewas

For those who want a quick overview, here are the top things to know about using Ghana’s currency, the cedis, and pesewas, to help you navigate your trip with ease.

1. The Cedi’s History is Rooted in Trade and Independence
   The name “cedi” comes from the Akan word for cowry shells (akyi), which were once used as currency. After independence in 1957, the cedi replaced the Ghanaian pound to simplify the monetary system.
2. The Modern Cedi Dates Back to 2007
   The current version of the cedi was introduced in 2007 through a re-denomination exercise that cut four zeros from the currency, making transactions easier.
3. Banknotes Honor the Big Six and Ghanaian Culture
   Modern cedi notes feature the Big Six, Ghana’s independence leaders. While many would have loved to see them in Kente cloth, their suits represent a balance between tradition and modernity.
4. Adinkra Symbols Reflect Ghanaian Values
   Banknotes include the Gye Nyame symbol, representing “Except for God,” which is a powerful emblem of Ghanaian faith and resilience.
5. Landmarks on Banknotes Highlight National Pride
   Icons like the Independence Arch, Kwame Nkrumah Mausoleum, and the University of Ghana are featured on the reverse side of various denominations, showcasing Ghana’s achievements and heritage.
6. Pesewas Represent Ghana’s Natural Wealth
   Coins often feature symbols of Ghana’s key exports, like cocoa, fish, and palm trees, connecting even small denominations to the nation’s economy.
7. Smaller Denominations Are Crucial for Daily Use
   Notes like 5 or 10 cedis are essential for smaller purchases, such as street food or taxi rides, as many vendors cannot provide change for larger bills.
8. ATMs and Forex Bureaus Are Best for Getting Cedis
   Use reliable ATMs (like Stanbic Bank or CalBank) or Forex Bureaus for exchanging money. Avoid street changers to reduce the risk of counterfeit notes.
9. Organizing Your Money Can Prevent Mistakes
   Carry a travel wallet to separate bills by denomination, and always double-check the amount requested during transactions to avoid overpaying.
10. Security Features Keep the Cedi Safe
    Ghanaian banknotes include watermarks, holograms, and color-shifting ink, ensuring the currency remains secure and hard to counterfeit.

Understanding the Ghanaian cedi will help you navigate your time in Kumasi with ease.

Whether you’re paying for a taxi, shopping for essentials, or enjoying a local meal, knowing how to handle cedis makes daily transactions easier for anyone in Kumasi.

With a little practice, using cedis becomes second nature. Kumasi is full of opportunities to connect with others, experience the city’s vibrant culture, and create lasting memories.

Confidently managing Ghana’s currency allows you to focus on enjoying these experiences.

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