July 19, 2025, marks the 60th anniversary of one of Ghana’s most significant economic milestones — the introduction of the Ghanaian cedi and pesewa as the official national currency. On this day in 1965, Ghana replaced the British pounds, shillings, and pence with a new currency system that reflected the country’s sovereignty and economic independence.
This bold shift came just eight years after Ghana became the first sub-Saharan African country to gain independence from colonial rule in 1957. Spearheaded by President Dr. Kwame Nkrumah, the move was more than a currency change; it was a powerful statement of national pride, identity, and self-governance.
Why Was the Cedi Introduced?
As part of its post-colonial development strategy, Ghana sought to move away from the British monetary system and adopt the more globally accepted decimal system. The decision to switch to the cedi and pesewa was intended to simplify transactions, modernize the financial system, and assert Ghana’s economic autonomy.
The term “cedi” comes from the Akan word for cowry shell, which had been used in West Africa as a form of traditional currency long before modern banking systems were introduced.
Symbol of Independence and Economic Identity
The introduction of the cedi was not just a monetary reform — it symbolized Ghana’s economic independence and national identity. Every cedi note and pesewa coin issued by the Bank of Ghana became a daily reminder of the country’s break from colonial control and its journey toward self-determination.
The Cedi Today: 60 Years of Economic Transformation
Six decades later, the Ghanaian cedi remains the official currency, playing a central role in trade, commerce, and everyday financial transactions. From cash to mobile money, Ghanaians today tap, transfer, and transact in cedis — a legacy born from the historic shift in 1965.
The Bank of Ghana continues to manage the currency and ensure its stability in a rapidly evolving digital economy.
Conclusion
July 19 is more than just a date — it’s a celebration of Ghana’s financial independence and resilience. As the nation marks 60 years of the cedi, it is a time to reflect on the bold vision that shaped Ghana’s economy and continues to guide its future.
https://x.com/thebankofghana/status/1946497829259669928
