The former currency of Ghana. It was introduced in 1967, replacing the first cedi, which had replaced the Ghanaian pound. It was initially pegged to the British pound at various values. It became a floating currency briefly in 1978, but too-rapid depreciation led Ghana to re-peg the cedi to the U.S. dollar very quickly. It floated again in 1990; consistently high inflation led to its replacement by the third cedi (code GHS) in 2007.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved