Understanding the Ghanaian Cedi (GHS) and Sendwave Money Transfers

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The Ghanaian Cedi (GHS) is the official currency of Ghana, represented by the symbol GH¢. Today, the most popular exchange involves converting GHS to USD. Although relatively young, the currency has undergone several re-denominations due to the nation’s cycles of debt and fluctuating oil export prices.

Key Characteristics of the Ghanaian Cedi

  • ISO Currency Code: GHS
  • Common Names: Cedi
  • Symbol: GH¢
  • Minor Unit: Ghana Pesewa (Gp)
  • Coin Denominations: 10Gp, 20Gp, 50Gp, GH¢1
  • Bank Note Denominations: GH¢5, GH¢10, GH¢20, GH¢50, GH¢1
  • Central Bank: Bank of Ghana

A Brief History of the Ghanaian Cedi

The Ghanaian Cedi was first introduced in 1965 when Ghana abandoned the British pound, eight years after gaining independence. However, political instability, high inflation, and a coup led to the Cedi being re-denominated. In 2007, the Bank of Ghana re-denominated the Cedi again. Throughout the 2010s, the Cedi experienced significant volatility, rapidly losing value.

The Ghanaian Cedi - A Journey Through Time

Fun Facts About the Ghanaian Cedi

  1. A Cash Cow-ry: ‘Cedi’ derives its name from the Akan word for ‘cowry shell’. These shells were once used as a trading commodity and form of wealth until British colonizers demonetized them.
  2. Oil Can Make Cedi ‘Slip’: Ghana is a leading West African economy, exporting both oil and gold. However, the volatility of oil prices can impact the strength of the nation’s currency.
  3. The Price of Freedom: All Ghanaian Cedi notes feature a group portrait of the ‘Big Six’ Ghanaians responsible for spearheading the journey toward Ghanaian independence in 1957: Kwame Nkrumah, Emmanuel Odarkwei Obetsebi Lamptey, William Ofori Atta, Edward Akufo-Addo, Ebenezer Ako Adjei, Joseph Boakye Danquah.

Which Countries Use the Ghanaian Cedi?

The Ghanaian Cedi is the official currency in Ghana.

Sendwave: Sending Money in Ghanaian Cedi

Sendwave provides a convenient way to send money to friends and family in Ghanaian Cedi. It offers rapid and affordable international money transfers from debit cards to mobile wallets, bank accounts, and cash pickup locations in Nigeria.

Key Features of Sendwave

  • Easy Sign-Up: Link your debit card, verify your identity, and start sending in minutes.
  • 24/7 Support: Assistance is available around the clock.
  • Fast & Convenient Transfers: Send money from your phone in seconds.
  • Trusted Platform: Sendwave is operated by Zepz and is authorized to transmit money in the US, Canada, the UK, and the EU, trusted by over 1 million users.

Introducing Sendwave Wallet

Sendwave offers an all-in-one wallet for users in the US, providing more value and control. With the wallet, you can get better rates or cashback when sending money from the US.

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  • Fast refunds if plans change (not including USDC transfers).
  • 24/7 support.
  • Add money to your wallet and send digital dollars.
  • Give your recipients more security and power.

The money you send stays protected in digital dollars until it’s cashed out. 1 digital dollar = 1 USD, eliminating exchange rate worries.

Wallet is currently available for senders from the US. You can also still use the Sendwave app to send money transfers.

Sendwave's mission is to ensure your money reaches your friends and family safely and effortlessly. Simply download the app, link your debit card, verify your identity, and quickly transfer money to your loved ones.

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tags: #Ghana