Ghanaian Cedi


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Ghanaian Cedi

The currency of Ghana. The first cedi was issued in 1965 and was pegged to the British pound. Two years later, the second cedi was issued with a different peg. It briefly floated in the late 1970s but was subject to high inflation. To counteract the inflation, the third cedi was issued in 2007, after which inflation eased significantly.
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The 18% decline in the value of the Ghanaian cedi against the US dollar over the past year has seen the direction of smuggling flow from Ghana into COte d'Ivoire.
Agriculture catching up the modern era: most of Ghana's agricultural output is produced by small-scale farmers, although a few large estates are also important players. This sector not only provides employment and broad-based income, it has tremendous potential for expansion and diversification. But the country is still lagging behind African best practice in the industry and needs to catch up rapidly. Report by Neil Ford
The currencies to be replaced are: The Nigerian Naira, the Ghanaian Cedi, the Guinean Franc, the Sierra Leonean Leone and the Gambian Dalasi.
Ecowas common currency postponed. (Feature)
Inflation is now firmly in single digits, and the Ghanaian cedi has remained broadly stable against the dollar, underpinned by an improved external position, "Christina Daseking reported in September this year, after leading an IMF research team to Accra.
Black star, black gold: the discovery of substantial oil reserves in Ghanaian waters has transformed the country's economic trajectory: the black gold provides the prospect of paying down debt, investing in infrastructure and achieving sustainable middle-income Stephen Williams reports
The AfDB, which enjoys 'triple-A' credit rating, is also promoting debt markets through issuing credit quality papers in Botswana pula, Ghanaian cedi, Nigerian naira and Tanzanian shillings.
Nurturing domestic capital markets: over the past few years, an increasing number of African countries have joined the trend of issuing national bonds which are globally marketable. This is a vital addition to Africa's capital markets, but more needs to be done if the full benefits are to be reaped
Acquah added that the Ghanaian cedi had depreciated by 13% against the US dollar, 9.9% against the pound sterling and 6.6% against the euro.
Ghana's economy wobbles: the Ghanaian economy is not totally immune to the effects of the global economic downturn although its impact has been relatively limited, reports Stephen Gyasi Jnr from Accra
The South African rand, the Zambian kwacha, the Ghanaian cedi and the Congolese franc depreciated by 50%, 43%, 41% and 36% respectively versus the US dollar.
African currency slide may not be a bad thing; The fallout from the global economic crisis takes all sorts of forms and shapes. Although Africa has been spared the worst of the financial meltdown trauma, its currencies have been sliding against the dollar. In some ways, this enforced depreciation may benefit Africa by boosting exports and reducing imports

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