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Ghana Month

How We Got The Ghana Cedis And Pesewas

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After independence in 1957, Ghana separated itself from the British West African Pound, shock 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 Cedis (1965-1967) was introduced in place of the old British pound system. Ghana’s first President, Dr. Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and pence.

The Cedi bore the portrait of the President and was equivalent to eight shillings and four pence (8s 4p) that is one hundred old pence, so that 1 Pesewa was equal to one penny.

This was narrated by the Ghana Commercial Bank socia media handle.

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