New Cedi

New Cedi

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.
References in periodicals archive ?
The NGO said the continuous devaluation of our local currency against the major foreign trading currencies, after the West African Pound for British West Africa colonies, the Ghanaian Pound (1958-65), for the pre-independence Ghana legal tender, the new cedi that replaced the Ghanaian Pound, which also give way for the Ghana cedi in June 2007, has had very little impact.
PIRAN observed that in all the four historical levels of our currency, the era from the new cedi to the present Ghana cedi has shown unimaginable devaluations without any government demonstrating the capacity to, at least, maintain the rate where it picked it from.
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