We Need New Design Currency Notes To Mark Our 70th Anniversary In 2027

“AFTER independence in 1957, Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. The new republic’s first independent currency was the Ghanaian pound (1958-1965). In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. The African name Cedi (1965-1967) was introduced in place of the old British pound system.

“Ghana’s first President Kwame Nkrumah introduced Cedi notes and Pesewas coins in July 1965 to replace the Ghanaian pounds, shillings and pence. The Cedi bore the portrait of the President and was equivalent to eight shillings and four pence (8s 4d), i.e. one hundred old pence, so that 1 pesewa was equal to one penny.

“After the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes. 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. Decades of high inflation devalued the ‘new Cedi’ so that in 2007 the largest of the ‘new cedi’ banknotes, the 20,000 note, had a value of about US$2.

“The new cedi was gradually phased out in 2007 in favour of the ‘Ghana Cedi’ at an exchange rate of 1:10,000. By removing four digits (a seeming PR devaluation strategy by the then government of President J. A. Kuffour, and supposedly Dr. Alhaji Mahmaudu Bawumia’s claim to fame & key to his nomination later as running mate), the Ghana Cedi became the highest denominated currency issued in Africa. It has since lost over 90% of its value. WIKIPEDIA

“The first cedi (1965-1967) was preceded by Ghanaian pound for the reason of decimalization at the ration rate of 2.4 first cedi (₵) to 1 pound, or 1 pesewa to 1 penny.

“The first cedi, allegedly, gave way for reason of convenience of exchange and an opportunity to remove Kwame Nkrumah from its coins and notes.

“It was succeeded by the second cedi (GHC) in 1967, which was initially pegged to sterling at a rate of two (2) cedis. However, within months, the second cedi was devalued to a rate of ₵2.45 = £1, less than the initial value of the first cedi. This rate was equivalent to ₵1 = 0.98 U. S. dollars and the rate to the dollar was maintained when sterling was devalued in November 1967. Further pegs were set of $0.55 in 1971, $0.78 in 1972, and $0.8696 in 1973 before the currency was floated in 1978. High inflation ensued, and so the cedi was re-pegged at ₵2.80 = $1.00.

“The cedi’s value continued to be eaten away on the black market. In the early 1980s, the government started cracking down on the retail of products at prices other than the official established sale price (also known as price controls). This had the effect of driving nearly all commerce underground, where black market prices for commodities were the norm, and nothing existed on store shelves. By 1983, one U.S. dollar equaled about 120 cedis on the black market; a pack of cigarettes cost about ₵150 (if they could be found), but the bank rate continued at ₵2.80 = $1.00. Finally, with foreign currency completely drying up for all import transactions. Ghana was forced to begin a process of gradual devaluation, as well as a liberalization of its strict price controls. This process ended in 1990 with a free float of the cedi against foreign currencies. Inflation continued until by July 2007, one US dollar was worth about ₵9,500, and a transition to the third cedi was initiated.

“In 1979 a currency confiscation took place. New banknotes were issued which were exchanged for old ones at a rate of 10 old notes for 7 new ones. Coins and bank accounts were unaffected.

“A second confiscation took place in 1982, when the ₵50 note (the highest denomination) was demonetized. Ghanaians, in theory, could exchange any number of ₵50 notes for coins or other banknotes without loss, but foreigners could not make any exchange. However, many Ghanaians who were hoarding large amounts of cedis feared reprisal if they tried to convert all of it, and so simply burned a lot of their money. Meanwhile, Ghanaians in the United Kingdom received ‘promise payment notes’ from banks, but never received compensation. This confiscation of money was publicly justified as a means to create a disincentive for the flourishing black market. However, from a monetary perspective, currency confiscations have the effect of reducing available cash reserves in the economy of Ghana, thereby slowing the rate of inflation. After the ₵50 note confiscation, the ₵20 note was the highest cedi denomination, but had a street value of only about $0.35 (US).

“After the ₵50 note confiscation, fears existed that the government could also confiscate the ₵20 or even the ₵10 notes. This fear, along with inflation running at about 100% annually, started causing Ghanaians to lose faith in their country’s own currency. Some transactions could only then be done in foreign currencies (although that was technically illegal), and other, more routine transactions began to revert to barter.

“In 1991, 10-, 20-, 50-, and 100-cedi coins were introduced, followed by 200 and 500 cedis in 1996. These six denominations were still in circulation until 2007. However, the 10 cedis (-0.1 U.S. cents) and 20 cedis (-0.2 U.S. cents) coins were not seen much due to their small value.

“Because of the rampart inflation in the decades before the exchange the second cedi was only worth a small fraction of its original value. The government decided to ‘cut’ four zeros off the currency by switching to the third cedi. The new currency was not introduced as the third cedi but is instead officially called the ‘Ghanaian Cedi’ (GH₵), in contrast to the second cedi that officially known as the ‘new cedi’. In the second half of 2007 both the second and third cedi were legal tender as the old currency was being gradually withdrawn. At the end of December 2007, more than 90% of all old coins and notes had been withdrawn. From January 2008 old banknotes could only be exchanged at banks and were no longer legal tender.

“On 14 May 2010, a GH₵2 banknote was issued to meet public need for an intermediate denomination and reduce the frequency, and associated cost, of printing large volumes of the GH₵1banknote. The introduction of the new denomination coincided with the conclusion of the year-long centenary celebrations of the birth of Kwame Nkrumah, Ghana’s first president, and has the commemorative text ‘Centenary of the Birth of Dr. Kwame Nkrumah’.

From the end of 2021 to 2024, the cedi was the world’s worst-performing currency, depreciating to around GH₵15 per U.S. dollar in October 2022 before reaching its current all-time low of GH₵16.4 per U.S. dollar in November 2024. However, in 2025, the cedi made a remarkable turnaround, becoming the world’s best-performing currency. As of 10^th September 2025, the exchange rate is around GH₵12.25 per U.S. dollar.” WIKIPEDIA

I have gone to such great lengths to re-capture the history of Ghana’s CEDI currency from the nation’s independence in 1957 to date because I deem it an irony of fate to have the currency bearing the effigies of the supposed ‘BIG SIX’ of our history, when the facts on the ground do not support any such credit.

“The ‘Big Six’ were supposedly the six leaders of the United Gold Coast Convention (UGCC), who were instrumental in the movement for Ghana’s independence: KWAME NKRUMAH, Ebenezer Ako-Adjei, Edward Akufo-Addo, Joseph Boakye Danquah, Emmanuel Obetsebi-Lamptey, and William Ofori Atta.

They were, supposedly, all arrested and detained by the colonial government in 1948; with the profiling as: -

1. Kwame Nkrumah – the first Prime Minister and the first President of Ghana;
2. Ebenezer Ako-Adjei – one of the founding members of the United Gold Coast Convention (UGCC);
3. Edward Akufo-Addo – one of the founding members of the United Gold Coast Convention (UGCC) and later Chief Justice and Ceremonial President of the 2^nd Republic;
4. Joseph Boakye Danquah – one of the founding members of the United Gold Coast Convention (UGCC);
5. Emmanuel Obetsebi-Lamptey – one of the founding members of the United Gold Coast Convention (UGCC); and
6. William Ofori-Atta – one of the founding of the United Gold Coast Convention (UGCC).

Against the background of all the recorded stories and allegations that some of these supposed heroes were on the payroll of both the Central Intelligence Agency (CIA) and / or the British Intelligence, and worked against the supreme interests of our people towards the fight for absolute independence. It will, thus, be an irony of fate that we continue to celebrate all of them together through the issuance of currency notes, naming important regional and national landmarks after them – knowing fully well those who betrayed us for bowls of rice water.

Quick to take credits for almost everything national in character, they, on the other hand, refused to credit the Honourable Paa Grant of Beyin, Western Nzema – a political activist, who was the founder, financer and the first president of the United Gold Coast Convention (UGCC) in August 1947.

He was also one of Ghana’s Founding Fathers. He paid for Kwame Nkrumah to return to Ghana from the United States. He was the owner of George Grant and Company, the name of the timber firm he established in 1896, which later became an influential export business and financed the activities of the UGCC and particularly that of the late J. B. Danquah and the other members.

How on earth then that we could have a supposed ‘Big Six’ just by the merit that they were jailed by stroke of fate, and thus become the seeming ‘Founders’ of our nation, without the overall financier and same to have their picture on our national currency?

But then such is the irony of fate, living and life itself, which seem to favour opportunists of our national life than those, who quietly work for the betterment of our nation and her people without any of the usual noises; nor always shouting the most to the highest heavens.

My one old Ghana cedi coin thought.
I think, as a nation and as a people, we have reached the place and time in our history that we begin to correct some of these mistakes, and or seeming attempts to re-write our history to the advantage of a certain tribe, people and personalities.

One such attempt was the undertaking by the NADAA administration’s re-writing the history of our birth as a NATION and as a PEOPLE with the new currency notes featuring the supposed ‘big six’ of our political past.

As we near our 70^th anniversary of our nation’s birth in 2027, we should do the right thing with the issuance of new currency notes that will feature the ‘FOUNDER’ of our nation, the ‘Osagyefo’ Dr. Kwame Nkrumah on any new currency notes and coins to be issued to replace the current notes.

It will also be worthwhile to legislate that henceforth the design and manufacture of any newly designed currency to be produced by the Bank of Ghana should be subject to Parliamentary approval and not an administrative action by the Governor of Ghana’s central bank and his board.

Again, in order to prevent the occurrence of the event in Sekondi-Takoradi, near the Effia Nkwanta Hospital, when the effigy of former President Akufo-Addo, it will be prudent that such decisions should be subjected to an initial action by the appropriate Regional Administration in consultation with its Regional House of Chiefs; especially as sometimes such acts without the due consultations could create acts that offend the sensibilities of the people.

Whilst admitting that we are only left with only 2 years to our 70^th anniversary of our status as independent state, it will be prudent for the John Dramani Mahama Administration to consider the setting up of a committee to work on plans and programmes, from the district, regional and national levels that we could consider as a nation and as a people towards our CENTENARY CELEBRATIONS in 2057.

This should also include defining new work ethics, strengthening our cultural heritage, redefining attributes that our youth should inculcate from all levels for the new nation, we would all wish to see for not only our children, but children’s children’s children.

By Magnus Naabe RexDanquah, the Ghanaian

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