Bank of Ghana
The Bank of Ghana operates as the central monetary authority overseeing a system shaped by post-independence reform, notably reflected in redenomination and evolving national banknote identity.
Quick Facts
Institutional Identity
The Bank of Ghana, established in 1957, is responsible for issuing the Ghanaian cedi (GHS), introduced after independence to replace the Ghanaian pound. The term “cedi” derives from the Akan word sedie, meaning cowrie shell, a traditional form of currency historically used across West Africa—an origin still reflected in banknote symbolism and watermark design.
Historical Evolution
The Bank’s issuance history is closely tied to political transformation, most notably the removal of Kwame Nkrumah following the 1966 coup, when his portrait was replaced by the cocoa pod, symbolising Ghana’s agricultural foundation and economic identity. Later series reintroduced national figures, including the “Big Six” independence leaders, establishing a stable visual canon alongside national symbols such as the Independence Arch and the Black Star of Africa.
Design Philosophy
A major monetary reset occurred in 2007, when the currency was redenominated at 10,000 old cedis = 1 new cedi, following a period marked by high-denomination banknotes such as 10,000 and 20,000 cedis. These pre-reform issues now form a distinct inflation-era collecting category. Modern banknotes, produced by leading printers such as Giesecke+Devrient and De La Rue, incorporate advanced security features including SPARK® colour-shifting elements, security threads and complex watermark systems, combined with bold, kente-inspired colour structures.
For collectors
For collectors, the Bank of Ghana offers a richly layered collecting field defined by the cowrie-shell origin of the cedi, the political transition from Nkrumah portraits to cocoa symbolism and the 2007 redenomination, creating a narrative that connects ancient trade traditions with modern monetary reform.