The "new cedi" (1967–2007) was worth 1.2 cedis, which made it equal to half of a pound sterling (or ten shillings sterling) at its introduction. one hundred old pence, so that 1 pesewa was equal to one penny.Īfter the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes. The cedi bore the portrait of the President and was equivalent to eight shillings and four pence (8s 4d), i.e. Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and pence. The African name Cedi (1965-1967) was introduced in place of the old British pound system. In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. The new republic's first independent currency was the Ghanaian pound (1958-1965). Īfter independence Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. One cedi is divided into one hundred pesewas (Gp). It is the fourth historical and only current legal tender in the Republic of Ghana. The Ghanaian cedi ( / ˈ s iː d iː/ SEE-dee) ( currency sign: GH₵ currency code: GHS) is the unit of currency of Ghana. The cedi has depreciated by ~41% against the USD since Jan. #Ghana's central bank has raised the interest rate by 300 bps to 22%. The Cedi has in recent times been on a free fall with exchange rate nearing GH₵11 to a US dollar at some forex bureaus. Similarly, non-food inflation increased to 31.3 percent from 29.1 percent in June 2022, contributing 55 percent to the rise in headline inflation in July 2022”. "Food inflation rose to 32.3 percent in July 2022 from 30.7 percent in June 2022. This was driven by both food and nonfood price pressures. It also said, "The latest consumer price index release showed that the headline inflation accelerated further for the eleventh consecutive month to 31.7 percent in July 2022, from 29.8 percent in June 2022. The Central Bank after an emergency meeting on August 17, 2022, to address the hike in inflation rates increased the policy rate.Ī BoG statement read in part, "Under the circumstances, and considering the risks to the inflation outlook, the Committee decided on a 300 basis points increase in the Monetary Policy Rate to 22 percent." GHA must mothball its central bank & install a currency board, NOW,” Professor Hanke tweeted. “#Ghana's central bank has raised the interest rate by 300 bps to 22%. In his view, the government must institute a currency board to check the rate of depreciation.
The professor who has been measuring the rate of the currency depreciation for a number of countries said per his own analysis, the Ghanaian currency had depreciated by 41% against the United States dollar since January 2020. In a Twitter post on August 18, Professor Hanke said he was not surprised at the Bank of Ghana’s decision to increase the policy rate from 19% to the current 22%. Professor of Applied Economics at the Johns Hopkins University, Steve Hanke, has reiterated that the fast-depreciating Ghana Cedi remains a junk currency.
0 kommentar(er)
