The currency of Ghana is the Ghanaian cedi, written with the symbol GH₵ and the international code GHS. Each cedi divides into 100 pesewas, and the currency is issued and managed by the Bank of Ghana. As of 2026, one US dollar trades for roughly 15 cedis, though the exchange rate moves frequently because the cedi floats against major currencies. If you are travelling to Ghana, you will spend cedis on everything from market stalls and taxi fares to hotel bills and mobile-money transfers.
What the Cedi Is and Who Issues It
The cedi (pronounced "SEE-dee") is the sole legal tender across Ghana, used for everything from market purchases in Accra to fuel, transport fares, and salaries. The name comes from sedie, the Akan word for the cowrie shell — the small sea shells that served as money throughout West Africa for centuries before colonial coinage arrived. In choosing this name at independence, Ghana deliberately tied its modern money to a deep regional trading heritage.
Responsibility for the currency rests with the Bank of Ghana, the central bank founded in 1957, the same year Ghana became the first sub-Saharan African colony to win independence. The bank prints banknotes, mints coins, sets the policy interest rate, and manages foreign reserves. Its core subunit is the pesewa, so prices are quoted in cedis and pesewas much as dollars are quoted in dollars and cents. Because the Bank of Ghana operates a floating exchange-rate regime, the cedi's value is set by supply and demand in the foreign-exchange market rather than fixed by decree, which is why quoted rates differ slightly between banks, forex bureaus, and airport kiosks.
A Short History of Ghana's Money
Before 1965, Ghana used the Ghanaian pound, a holdover from British colonial administration. The first cedi replaced the pound that year as part of a broader move to shed colonial symbols and assert national identity. Over the following decades, however, high inflation steadily eroded the cedi's value, and by the early 2000s everyday transactions involved tens of thousands of cedis, making accounting and cash handling cumbersome.
To fix this, the Bank of Ghana redenominated the currency in July 2007, introducing the "new cedi" and lopping off four zeros: 10,000 old cedis became one new cedi. The reform simplified pricing, restored confidence in the notes, and brought the currency back to manageable, everyday figures. The cedi has continued to face depreciation pressures since then, driven by fiscal deficits, import dependence, and global commodity swings, but redenomination remains a milestone in the country's monetary story. Understanding this history helps explain why Ghanaians are accustomed to relatively rapid price changes and why many savers and businesses keep a close eye on the dollar exchange rate.
Banknotes and Coins in Circulation
Ghanaian banknotes are colorful and instantly recognizable for the portraits on their fronts. The denominations currently in use are:
- GH₵200 — the highest-value note, introduced in 2019
- GH₵100 — also introduced in 2019
- GH₵50
- GH₵20
- GH₵10
- GH₵5
- GH₵2 and GH₵1 notes, alongside a GH₵1 coin
Most lower-value notes feature the "Big Six" — the six nationalist leaders, including Kwame Nkrumah, who spearheaded the independence movement. The reverse sides celebrate national institutions and landmarks such as the Bank of Ghana headquarters, universities, and the Akosombo Dam. Coins, called pesewas, come in denominations such as 1, 5, 10, 20, and 50 pesewas, and are mainly used for small change and transport fares. In practice, the higher-value GH₵100 and GH₵200 notes are most useful for hotels and larger purchases, while small notes and coins are essential for street food, tro-tro (shared minibus) fares, and market bargaining, where vendors rarely have change for large bills.
Cash, Cards, and Mobile Money
Ghana remains a heavily cash-based economy, especially in markets, taxis, and rural areas where many vendors do not accept cards. Travelers should carry physical cedis for daily spending. At the same time, Ghana is one of Africa's leaders in mobile money: services like MTN MoMo, Telecel Cash, and AirtelTigo Money let people send funds, pay bills, and buy goods straight from a phone, and the volume of mobile money transactions now rivals or exceeds traditional banking activity.
Debit and credit cards are accepted at hotels, shopping malls, larger supermarkets, and upscale restaurants in Accra and Kumasi, but acceptance thins out elsewhere. ATMs are widely available in cities and dispense cedis, while US dollars, euros, and British pounds can be exchanged at banks and licensed forex bureaus. Because the cedi is not freely convertible abroad, it is wise to spend or change leftover notes before leaving the country.
Money Tips for Visitors to Ghana
A little preparation makes handling money in Ghana far smoother. Keep these practical pointers in mind:
- Bring clean, recent US dollar notes if you plan to exchange currency — forex bureaus often give better rates for crisp, large-denomination bills and may reject older or torn ones.
- Use licensed forex bureaus or banks rather than informal street changers, both for safety and for fair, transparent rates.
- Carry small notes and coins for taxis, tips, and market stalls, since many vendors cannot break a GH₵100 or GH₵200 note.
- Tell your bank you are travelling so foreign card transactions and ATM withdrawals are not blocked, and expect per-withdrawal fees at local ATMs.
- Check the live exchange rate before you travel, as the cedi can move noticeably over a few weeks.
The Cedi and Ghana's Economy
The cedi's strength is closely linked to Ghana's exports. The country is one of Africa's top gold producers, the world's second-largest cocoa grower after neighboring Côte d'Ivoire, and an oil exporter since major offshore fields came online in 2010. When global prices for these commodities are strong, foreign earnings support the cedi; when they fall or the import bill rises, the currency tends to weaken. Inflation and interest-rate decisions by the Bank of Ghana also shape how much a cedi buys from one year to the next. For more on the country behind the currency, see our Ghana country guide.
Key Facts
- Currency: Ghanaian cedi
- Symbol: GH₵ (often written ₵)
- ISO code: GHS
- Subunit: 1 cedi = 100 pesewas
- Issuing authority: Bank of Ghana (established 1957)
- Highest banknote: GH₵200
- Approximate rate (2026): about 15 cedis per US dollar (floating)
Frequently Asked Questions
What is the symbol for the Ghanaian cedi?
The cedi uses the symbol GH₵, while its three-letter international code is GHS. Within Ghana, prices are often written simply with a ₵ sign, for example ₵50 for fifty cedis.
How many pesewas are in a cedi?
One cedi equals 100 pesewas, just as one dollar equals 100 cents. Pesewa coins handle small change, though inflation means they buy very little on their own today.
Can I use US dollars in Ghana?
Everyday purchases must be paid in cedis, as the cedi is the only legal tender. However, US dollars are easy to exchange at banks and forex bureaus, and some hotels and tour operators quote prices in dollars for foreign visitors.
Is mobile money safe to use in Ghana?
Yes. Mobile money is regulated, extremely popular, and often more convenient than cash. Visitors typically need a local SIM and registration to set up a wallet, so many short-term travelers simply rely on cash and cards instead.