Ghana Cedi GHS

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Definition of 'Ghana Cedi GHS'

GHS is the three-letter currency code representing the currency of Ghana which is commonly known as the cedi.

The word cedi is derived from the Akan word for cowry shell (cowry shells were once used in Ghana as a form of currency). The new Ghana cedi was introduced on 1 July 2007 at a rate equal to 10,000 old cedis. It was the highest-valued currency unit issued by sovereign countries in Africa in 2007.

One Ghana cedi is divided into one hundred Ghana pesewas (Gp). Ghanaian coins have also been issued in sika denominations. These are probably best considered as medallic coinage, and may have no legal tender status. In Ghanaian, the word sika means money.

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