What currency did Ghana introduce in 1965 to replace the Ghanaian pound?

Ghana introduced the Ghanaian cedi in 1965 to replace the Ghanaian pound.

The cedi was launched during the presidency of Kwame Nkrumah as Ghana sought a distinctly national decimal currency after independence. Its name comes from “sedie,” an Akan word referring to cowrie shells, which were historically used as money in parts of West Africa.

The original cedi was divided into 100 pesewas. The word “pesewa” also has Akan roots and referred historically to a small denomination of cowrie shells. The first cedi replaced the pound at a rate of two cedis to one pound, making the new system decimal rather than based on pounds, shillings and pence.

Ghana later redenominated the currency because of inflation. In 2007, the second cedi entered circulation, with 10,000 old cedis equal to one new Ghanaian cedi. This redenomination explains why older references may show very different cedi values.