The cedi (currency sign: GH₵; currency code: GHS) is the unit of currency of Ghana and the fourth historical and only current legal tender in the Republic of Ghana. After independence in 1957, Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region.
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. The word cedi is the Akan word for cowry shell, which were formerly used as currency in what is now Ghana.
A Ghanaian Cedi banknote.
Early Cedis and Exchange Rates
The first cedi was introduced in 1965, replacing the pound at a rate of 2.4 cedi = 1 pound, or 1 pesewa = 1 penny. The first cedi was replaced in 1967 by a "new cedi" which was worth 1.2 first cedis. This allowed a decimal conversion with the pound, namely 2 second cedis = 1 pound.
The second cedi was initially pegged to sterling at a rate of ₵2 = £1. However, within months, the second cedi was devalued to a rate of ₵2.45 = £1, less than the initial value of the first cedi. dollars and the rate to the dollar was maintained when sterling was devalued in November 1967. Further pegs were set of $0.55 in 1971, $0.78 in 1972, and $0.8696 in 1973 before the currency was floated in 1978.
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Devaluation and Economic Measures
The cedi's value continued to be eaten away on the black market. In the early 1980s, the government started cracking down on the retail of products at prices other than the official established sale price (also known as price controls). This had the effect of driving nearly all commerce underground, where black market prices for commodities were the norm, and nothing existed on store shelves.
In 1979 a currency confiscation took place. New banknotes were issued which were exchanged for old ones at a rate of 10 old notes for 7 new ones. A second confiscation took place in 1982, when the ₵50 note (the highest denomination) was demonetized.
After the ₵50 note confiscation, fears existed that the government could also confiscate the ₵20 or even the ₵10 notes. This fear, along with inflation running at about 100% annually, started causing Ghanaians to lose faith in their country's own currency.
The Ghana Cedi (GH₵)
Because of the rampant inflation in the decades before the exchange the second cedi was only worth a small fraction of its original value. The government decided to "cut" four zeros off the currency by switching to the third cedi. The new currency was not introduced as the third cedi but is instead officially called the "Ghanaian cedi" (GH₵), in contrast to the second cedi that was officially known as the "new cedi".
In the second half of 2007 both the second and third cedi were legal tender as the old currency was being gradually withdrawn. By removing four digits, the Ghana Cedi became the highest-denominated currency unit issued in Africa.
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Recent Developments
On 14 May 2010, a GH₵2 banknote was issued to meet public need for an intermediate denomination and reduce the frequency, and associated cost, of printing large volumes of the GH₵1 banknote. Due to periods of "sustained high inflation" and "perennial depreciation of the currency", the Bank of Ghana on 29 November 2019, announced the issuance of a new 2-cedi coin and as well as new 100 and 200-cedi banknotes.
The third Cedi has been losing value continuously since it was introduced. Due to its negligible purchasing power, the one pesewa coin is rarely seen in circulation.
GHS to GBP Exchange Rate History
This page contains detailed daily historical exchange rates between GHS and GBP from 2025-3-8 to 2025-11-05, making it easy to look up and reference.
Below are the daily average exchange rates of GHS to GBP for the past 7 days, helping you track the trend during this period. We also provide exchange rate changes of GBP to GHS, helping you understand fluctuations from different perspectives and better plan your currency exchange, transfers, or fund management.
| Date | GHS to GBP | GBP to GHS |
|---|---|---|
| 2025-11-05 | 0.070447 | -- |
| 2025-11-04 | 0.070447 | -- |
| 2025-11-03 | 0.070447 | -- |
| 2025-11-02 | 0.070447 | -- |
| 2025-11-01 | 0.070447 | -- |
| 2025-10-31 | 0.070447 | -- |
| 2025-10-30 | 0.070447 | -- |
Factors Affecting the Exchange Rate
The actual amount received during remittance is directly affected by the GHS to GBP exchange rate. Differences in rates offered by banks or platforms may lead to significant differences in the final amount. It’s recommended to compare real-time rates and fees from several providers before making a decision.
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When conducting cross-border transactions, pay attention to real-time rates, the bid-ask spread, settlement fees, etc. Especially for large payments, even small differences in the GHS to GBP exchange rate can result in substantial changes in actual amounts.
Different banks or payment platforms use various pricing mechanisms. Some use mid-market rates; others add wider spreads, fees, and settlement times.tCauses you to see GHS to GBP on Platform A as 7.10, while Platform B shows 7.02. Such differences can be significant for large transactions.be necessary.
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