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Lesson From The Devaluation Of Ghana Cedi - Business - Nairaland

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Lesson From The Devaluation Of Ghana Cedi by ephemm(m): 8:28pm On Feb 23, 2016
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 75% of its value.

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

Devaluation is not the solution to Naira's problem.
Re: Lesson From The Devaluation Of Ghana Cedi by acenazt: 8:42pm On Feb 23, 2016
Lmao. 20,000 cedis is broke man's money. Abeg buhari Phase out the Naira once everything gets stable

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