The Ghananian cedi, denoted by GH¢, is the official currency of Ghana, Africa. The cedi can be divided into one hundred pesewas (Gp).
The coins in circulation include the 1, 5, 10, 20 and 50 pesewa and 1 cedi coins. Banknotes produced are the 1, 5, 10, 20, and 50 cedi notes.
Sovereign Ratings for Ghana
Ghana is not rated.
What does it look like?
Political Structure
Ghana is a constitutional democracy with three branches: the executive, legislative and judicial branches.
The executive branch consists of the President (who serves as both chief of state and head of government), the vice president and the Cabinet. The Cabinet is also referred to as the Council of Ministers, and the President nominates its members with approval from the Parliament. The President and Vice President are elected on the same ticket, and by popular vote for four-year terms.
The legislative branch is comprised of the unicameral Parliament of 230 seats. Members are elected by popular vote to serve four-year terms.
The Supreme Court makes up the judicial branch.
Prominent Figures
Head of State: President John Agyekum Kufuor
Vice President: Aliu Mahama
Senior Minister: J.H. Mensah
Governor of Bank of Ghana: Paul Acquah
Unique Characteristics
The Ghanain new cedi is a redenomination of the old Cedi. The new Cedi is meant to facilitate banking and improve economic efficiency, according to the Bank of Ghana. Rollout of the new currency occured through 2007 and early 2008, and now the new Cedi is now the only accepted currency in the country.
Key Economic Factors
Economic Overview: Rich in natural resources, Ghana has twice the per capita output of the poorer countries in West Africa. Despite its natural resources, Ghana still remains dependent on financial and technical assistance from other countries. Major sources of foreign exchange in Ghana include gold, timber and cocoa production. Agriculture in Ghana helps contribute 40% of GDP and employs 60% of Ghana's workforce. Ghana's affairs including public sector wage increases and regional peacekeeping commitments have led to inflationary deficit financing and depreciation of the cedi.
Industries: Mining, lumbering, light manufacturing, aluminum smelting, food processing, cement and small commercial shipbuilding.
Export commodities: Gold, cocoa, timber, tuna, bauxite, aluminum, manganese ore and diamonds.
Import commodities: Capital equipment, petroleum and foodstuffs.
Major Trading Partners: Nigeria, Netherlands, UK, France and US.
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