Let us recall that until July 1965 Ghana was still using the Ghana Pound (£G). On 19th July 1965, the cedi (¢) was introduced with a minor unit called the pesewa (p) to replace the Ghana pound (£G).
The following denominations were introduced:
- ¢100, ¢50, ¢10, ¢5 and ¢1 and the pesewas were as follows: 50p, 25p, 10p and 5p.
- The cedi was introduced at its existing parity with the £G which translated into:
-
- ¢1=US$1.16 0 or
- 86p=US$1
- Currently the cedi is valued at about ¢9,200=US$1. The difference is explained by the inflation build-up of numbers in the pricing system.
Presented below are trends in inflation and higher note currency issues in Ghana:
| Denomination | Year Introduced | Exchange Rate (¢/$) | Value in US $ | Inflation as at Issue |
| 20000 | 2002 | 7932.31 | $2.52 | 15.2 |
| 10000 | 2002 | 7932.31 | $1.26 | 15.2 |
| 5000 | 1995 | 1200.4 | $4.17 | 70.8 |
| 2000 | 199 | 956.73 | $2.09 | 34.2 |
| 1000 | 1994 | 956.73 | $1.05 | 34.2 |
| 500 | 198 | 89.21 | $5.60 | 33.3 |
| 200 | 1983 | 8.91 | $22.45 | 142.0 |
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