The Ghanaian cedi was introduced in 2007 after Ghana removed four zeros from the old cedi.
The Bank of Ghana issued the redenominated currency, which retained the name cedi and received the ISO code GHS. The reform made 10,000 old cedis equal to one new Ghanaian cedi, simplifying prices and accounting rather than creating a wholly new national currency.
Ghana’s first cedi was introduced in 1965, replacing the Ghanaian pound. The word cedi comes from the Akan word for cowrie shell, a shell that historically served as money in parts of West Africa. One current cedi is divided into 100 pesewas.
The reform illustrates the difference between redenomination and a currency replacement. Ghana did not change the country’s monetary identity in 2007; it changed the unit scale. The cedi is distinct from the naira, leone, and dollar currencies used in neighbouring or nearby West African states.