@jeffrey_kwakye_: This was the scene of Ghanaians rushing to exchange their Ghanaian pounds for cedis 61 years ago, on 19th July 1965. Before independence, the Gold Coast used the British West African pound, shilling, and penny system. This changed in 1958, one year after independence, when Ghana introduced the Ghanaian pound as its own national currency. However, the Ghanaian pound remained connected to Britain’s sterling system through the sterling area. This meant that changes in the British pound and Britain’s monetary policies could influence Ghana’s currency similar in principle to how the CFA franc today maintains a fixed link with the euro. Ghana’s full transition to a new monetary system came in 1965 when President Dr. Kwame Nkrumah introduced the cedi and pesewa to replace the Ghanaian pound. The change moved Ghana away from the old imperial £sd (pounds, shillings, and pence) system to a decimal currency. The introduction of the cedi was not only a modernization of Ghana’s monetary system but also a symbol of national identity. The name “cedi” came from the Akan word “sedie,” meaning cowry shell a form of currency that circulated in parts of the Gold Coast before European colonial currencies were introduced. The first cedi was pegged to the British pound sterling at a fixed rate of £1 = ₵2.40. However, this first cedi was short-lived. In 1967, after the overthrow of Nkrumah’s government, the military government introduced the New Cedi, replacing the original cedi. The change was partly aimed at distancing the new currency from symbols associated with Nkrumah’s administration #ghanatiktok🇬🇭 #fyp #fyppppppppppppppppppppppp #kwamenkrumah #viral

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Sunday 19 July 2026 21:34:41 GMT