Various phases of Ghana’s currency from 1957 to date

After independence in 1957, the West African pound, shillings, and pence remained the units of currency.

In July 1958, the Bank of Ghana issued the Ghana Pound (£G). In 1965, Ghana used the decimal system for its new currency issue, named the ‘cedi’.

The word ‘cedi’ was derived from the Akan word “sedie” meaning cowry shell which was one of the commodities widely used as a medium of exchange (currency) for transactions prior to the colonial era.

The third and fourth currency reforms in 1967 and 1972 respectively,  were all undertaken after a military coup d’etat.

In 1979 another currency reform took effect, where the cedi was rediscounted mainly as a tool to control liquidity.

Source: The Independent Ghana