The term "cedi" refers to the currency of Ghana, which is the official currency of the West African country. The word "cedi" is of Akan origin, one of the major ethnic groups in Ghana, and means "cowry shell," which was historically used as a form of money in the region. The cedi is denoted by the symbol "₵" and is subdivided into one hundred pesewas. It serves as the medium of exchange within Ghana's domestic economy.
Introduced in 1965, the cedi has gone through several changes in its history. Currently, the Bank of Ghana issues the cedi in the form of banknotes and coins. The notes are available in denominations of 1, 2, 5, 10, 20, and 50 cedis, whereas coins are available in denominations of 1, 5, 10, 20, and 50 pesewas, as well as 1 cedi.
The cedi plays a vital role in the economic activities of Ghana, facilitating transactions, and serving as a store of value. Its value is subject to fluctuations based on factors such as inflation, foreign exchange rates, and government policies.
Furthermore, in addition to its role in domestic commerce, the cedi also holds importance in international markets for trade and investment. It is exchangeable with other major currencies, such as the US dollar or the British pound, enabling foreign exchange transactions both within and outside the country.
Overall, the cedi is a crucial component of Ghana's financial system, representing the country's economic strength and facilitating its monetary transactions both at home and abroad.
