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History of Ghanaian currency since 1957 to date
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Hello and welcome to Itenert. Today’s video is about the history of Ghanaian currency since 1957. If you are new to the channel, please subscribe to the channel like and share the video. Now lets look at the history of Ghanaian currency. • Before independence • Prior to independence, the issue of currency was the responsibility of the West African Currency Board (WACB). The British West African Pound was the currency of British West Africa, a group of British colonies, protectorates and mandate territories. It was equal to the pound sterling and was similarly subdivided into 20 shillings, each of 12 pence. • The West African pound, shillings and pence, constituted currency issued by the Board and was in circulation in Ghana until July 1958. • First Issue of National Currency • After independence Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. • The new monetary authority, the Bank of Ghana, issued its own currency in the form of Ghana pounds, shillings and pence on 14th July, 1958. With that issue, the Bank of Ghana formally took over the issue of currency notes and coins from the WACB. The new republic's first independent currency was the Ghanaian pound (1958-1965). • In 1958, Bronze coins were issued for ½ and 1 penny, along with cupro-nickel 3 and 6 pence, 1 and 2 shillings. The 3 pence coin was scalloped in shape. Also banknotes were introduced in denominations of 10 shillings, 1 and 5 pounds. They were produced until 1962, except for the 10 shillings which was produced until 1963. They also issued 1,000 pounds • Only used in Interbanking Transactions. • The Birth of the Cedi • The second issue of currency was in early 1965, when Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. Accordingly, Cedi notes and Pesewa coins were introduced on the 19th July, 1965 to replace the Ghana pounds, shillings and pence. The cedi was equivalent to eight shillings and four pence (8s 4d) and bore the portrait of the then President, Dr. Kwame Nkrumah. The name “cedi” was derived from the word “sedie” meaning cowrie, a shell money which gained popularity and wider circulation in the later part of the 19th Century. The “Pesewa” represented the smallest denomination (quantity) of the gold-dust currency regime. The name was chosen to replace the British Colonial penny. • Feel free to like, comment and share the video. if you have other suggestions leave them in the comment box. • Watch my other videos following the link down below. • TOP 10 RICHEST MUSICIANS IN GHANA 2019 AND THEIR WORTH • • TOP 10 RICHEST MUSICIANS IN GHANA 201... • TOP BEST 20 SENIOR HIGH SCHOOLS (SHS) IN GHANA THIS YEAR (2019) BASED ON WAEC RESULT • • TOP BEST 20 SENIOR HIGH SCHOOLS (SHS)... • INFORMATION AND COMMUNICATION TECHNOLOGY FOR JHS / SHS | LESSON 0.1 • • INFORMATION AND COMMUNICATION TECHNOL... • Introduction to HTML and CSS • • Introduction to HTML • You can click this link and visit my channel for more videos • / @wofakwame
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