In July 2025, the Ghana cedi marked a diamond jubilee, 60 years of serving as the heartbeat of the nation’s economy. It is a reflection of our political transitions, economic policy decisions, monetary reforms, and the broader story of nation-building. At Stravise Ghana, we believe that understanding our past is the key to navigating a prosperous business future.

Before the cedi, Ghana used the West African pound. However, in an effort to break away from colonial remnants, Ghana’s first president, Osagyefo Dr. Kwame Nkrumah, introduced the cedi and pesewa on July 19, 1965. The word “cedi” is derived from the Akan word “sedie,” meaning “cowrie shells,” which were once used as currency in the region.

The introduction of the cedi on July 19, 1965, was a bold declaration of independence. Replacing the pound at a rate of 2.4 cedis to 1 pound, the new currency featured Nkrumah’s portrait, signaling a new era. It was a move that connected modern finance to indigenous heritage, ensuring that even as Ghana modernized, it remembered its history.

Following the 1966 coup, the “New Cedi” was introduced in 1967. Over the next few decades, the currency faced significant challenges. High inflation rates in the 70s and 80s led to several devaluations and the introduction of increasingly higher denominations.

By the early 2000s, transactions required “bricks” of cash, with the ₵20,000 note being the highest denomination. This physical volume of cash created significant bottlenecks for businesses and accounting systems.

In July 2007, the Bank of Ghana undertook one of its most ambitious projects: the redenomination of the cedi. Four zeros were slashed, and the Ghana cedi (GHS) was born.

The Conversion: ₵10,000 became GH₵1.

This move aimed to simplify accounting, reduce the cost of business transactions, and boost confidence in the currency. It remains a defining moment in our modern economic history.

At 60, the Cedi is no longer just paper and coin. We are witnessing the rise of the eCedi, Ghana’s Central Bank Digital Currency (CBDC). This transition signals a future focused on financial inclusion and a “cash-lite” society, vital components for any modern business operating in West Africa.

At 60, the Cedi is a storyteller. Its banknotes feature the Big Six, our national monuments, and the symbols of our agriculture and energy sectors. It carries the weight of our struggles and the height of our aspirations.

While structural challenges like import reliance and debt continue to put pressure on its value, the cedi remains the central pillar of the “Ghana Beyond Aid” vision. It is a currency that mirrors the Ghanaian spirit: resilient, adaptable, and forever moving forward.

Happy 60th Anniversary to the Ghana Cedi! Here’s to many more years of fueling Ghanaian entrepreneurship.