Here is a comprehensive financial historical report of Ghana, in International English, as requested:

Financial Historical Report of Ghana

Basic Data

• Country ISO Code: GH

• Official Language: English

• Language ISO Code: en

• Current Official Currency: Ghanaian Cedi

• Currency ISO Code: GHS

Currency History in Ghana

1. Pre-colonial and Colonial Period

• Before formal currency introduction, trade in the region was conducted through barter and use of gold dust as a medium of exchange.

• During British colonial rule, the British West African pound was the official currency, pegged to the British pound sterling.

2. Ghanaian Pound (1958–1965)

• Ghana introduced its own currency, the Ghanaian pound, in 1958, replacing the British West African pound at par.

• The Ghanaian pound was subdivided into 20 shillings, each of 12 pence, following the British sterling system.

• This currency was issued by the Bank of Ghana, established in 1957.

3. First Ghanaian Cedi (1965–2007)

• In 1965, Ghana replaced the Ghanaian pound with the Ghanaian cedi at a rate of 2.4 cedis = 1 pound.

• The cedi was subdivided into 100 pesewas.

• The first cedi was issued by the Bank of Ghana and featured images of national leaders and cultural symbols.

• Over time, inflation eroded the value of the first cedi, leading to currency reforms.

4. Second Ghanaian Cedi (2007–Present)

• In 2007, Ghana introduced a redenominated cedi, where 10,000 old cedis became 1 new cedi (GHS).

• The redenomination aimed to simplify transactions and restore confidence in the currency.

• The Bank of Ghana remains the sole issuer of the currency.

Details of the Current Currency

• Singular Name: cedi

• Plural Name: cedis

• Subdivision: 1 cedi = 100 pesewas

• Issuing Bank: Bank of Ghana

• Common Coin Denominations: 1, 5, 10, 20, 50 pesewas; 1 cedi

• Common Banknote Denominations: 1, 2, 5, 10, 20, 50, 100 cedis

Designs and Symbols

• Coins and banknotes feature prominent Ghanaian figures, national symbols such as the Black Star, and cultural motifs.

• Banknotes bear signatures of the Governor of the Bank of Ghana and the Minister of Finance.

• The currency designs emphasize Ghana’s heritage, independence, and economic aspirations.

Economic and Monetary Context

• Ghana has experienced periods of inflation, currency devaluation, and economic reforms impacting the cedi’s value.

• The 2007 redenomination was a key step in stabilizing the currency and simplifying financial transactions.

• The Bank of Ghana actively manages monetary policy to control inflation and promote economic growth.

Issuance and Particularities

• The Bank of Ghana periodically issues new series of banknotes and coins with enhanced security features.

• Commemorative coins and notes have been released for national celebrations and milestones.

Current Status

• The Ghanaian cedi is the official currency and is actively used for all commercial and financial transactions in Ghana.

• It remains the sole legal tender in the country.

This report provides a detailed overview of Ghana’s monetary history, from colonial currencies to the current Ghanaian cedi, highlighting its evolution and current status.