Ghana’s currency has undergone a massive transformation from the days it was introduced to date.
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Prior to independence, Ghana used British West African Pound, Shillings and Pence as the currency for British colonies, till July 1958.
The currency has, since then, undergone massive transformation and information available suggests that this has contributed to its loss of value.
The cedi and pesewa, per a report by Ghanaweb.com, were introduced in early 1965 when Ghana left the British colonial monetary system.
Information available suggests that the country’s first president, Dr. Kwame Nkrumah, introduced the new currency.
It has been further established that the name ‘cedi’ was derived from the word ‘sedie’, meaning a cowrie.
This was because cowries were used as currencies in the 19th century, and was also known as 'shell money'.
The next cedi was changed during the 1966 military coup when the new military government decided to remove Dr. Kwame Nkrumah’s portrait from the banknotes after they overthrew the CPP government.
They referred to the currency, which was introduced in 1967, as the New Cedi, but its value soon depreciated.
Another ‘cedi’, known as the 'Ghana cedi' was introduced by the Kufuor government on July 1, 2007, to help curb inflation.
The currency reportedly became the highest-dominated currency unit issued in Africa but has since lost about 80% of its value.
In other news, the minister of sanitation and water resources, Cecelia Abena Dapaah, has assured Ghanaians that landfill sites in the country would soon be transformed.
According to her, the government is determined to re-engineer landfill sites across the country as part of its sanitation drive.
She further noted that the landfill sites would soon look like sites fit to serve as venues for weddings.
The minister passed these comments on the sidelines of the delivery of the 2020 budget by the minister of finance, Ken Ofori-Atta.
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