So, what is the current Dollar to Cedi Exchange Rate?
As at 19th of February 2019, One United States Dollar equals to 5.3 Ghanaian Cedis.
This means that One Ghanaian Cedi equals to 0.19 US Dollar.
The Ghanaian Cedi is selling at a price of 5.0042GHC and buying at a price of 4.999GHC for the United States Dollars according to www.bog.gov.gh which is the Bank of Ghana website. The Bank of Ghana issues the Ghanaian currencies both the Cedi Banknotes and the Pesewa coins.
Dollar To Cedi Exchange Rate-Cedi is the official currency of Ghana.Ghana is a West African country that is also called the Gold Coast. Ghana has used three other currencies before the use of the Cedi. Ghana while under the British colonial masters used the British West African Pound which all the British colonies used when Ghana gained independence. Ghana started using their own independent currency that is, the Ghanaian Pound which they used from 1958 to 1965. By 1965, Ghana decided to adopt the decimal system of currency and the Ghanaian Cedi was introduced. The word “Cedi” means Cowry Shell literally in Akan language of Ghana. The cowries were also used in pre-colonial Ghana as a currency.
Most times, Banks often campaign for free or low-cost currency transfers, however, you can add a hidden markup to the exchange rate. Jaysciencetech gives you the real, mid-market,current exchange rate between Dollar To Cedi and Ghana Cedi to USD vis versa , so you can make huge savings on international transfers.
There is the first Cedi, the second Cedi and the third Ghanaian Cedi. The first Cedi was used between 1965 to 1967. It had the first president of Ghana’s face on its coins and notes. His name was Kwame Nkrumah. The first Cedi was later replaced in February 1967 after the military coup and the second Cedi was introduced. It was introduced to ease exchange and as an opportunity to have Kwame Nkrumah’s face removed from the coins and notes.
The Pesewa is the coin that Ghana uses. 1 Cedi equals 100 Pesewas. The third Cedi was introduced in 2007 due to inflation reasons. The second Cedi was used between 23rd of February 1967 to 2nd of July 2007. One 3rd Cedi or Ghanaian Cedi equals to 10,000 of the second Cedis. As at July 2007 when the third Cedi was introduced, the second Cedi was so inflated that 9,500 second Cedis equaled to 1 Dollar. This caused Ghana to switch to the third Cedi. Since 2007, the third Cedi has been the official currency of Ghana. The third Cedi itself has been experiencing inflation since it was introduced, but the currency has since stabilized.
The history of the Cedi to Dollar exchange rate is quite complicated. The rates are different for the first Cedi, the Second Cedi and the third Cedi. As at when the second Cedi was dissolved in 2007, One Dollar equaled to 9,500 of the second Cedi. When the Second Cedi called the “Ghanaian Cedi” officially was introduced, it was One Ghanaian Cedi to One US Dollar. But inflation soon hit the Ghanaian Cedi and its value started to drop. Like we stated earlier, as of today, 1 US dollar is no longer equal to 1 Ghanaian Cedi. Instead 1 Dollar equals 5.3 Ghanaian Cedi.
So, now that you know a bit about the exchange rate of the Dollar to the Cedi. Let’s talk about the US Dollar. We have briefed you on the Ghanaian Cedi earlier on in this article.
About the US Dollar.
So, as you already know the US dollar is the official currency of the United States and its territories. Some other nations also use the United States Dollars as a currency whether officially or unofficially. Zimbabwe is one African country for example, that uses the Dollar. 1 US Dollar is divided into 100 Cents. The United States Dollar is available in bank notes and coins. The US Dollar is issued by the Federal Reserve System. The US Dollar was first defined in 1792. Faces of former and deceased United States’ Presidents can be found on the Dollar notes and coins. The US Dollar is one of the most traded currencies at the foreign exchange and is one of the most used currencies in the world.
Factors that affect the Dollar to Cedi Exchange Rate.
Inflation rates affect Cedi Exchange Rate a lot. If you look at it, you will see that, when Ghana’s inflation rate was high, when it was too high, they were forced to withdraw that currency and start afresh with the third Ghanaian Cedi.
2. Government Debts
When the government of a nation owes too much debts, it reduces the country’s interest rate and causes their currency to gradually depreciate.
When a country is in recession, its currency automatically starts to fall as no country wants to partner with such a country. Due to their devaluing Currency.
4. Interest rates.
If a country has high interest rate, it is to their benefit. Because, when they lend money out, they can charge high interest rate, thereby increase their own revenues.
READ ALSO:Top 11 Ghanaian Movies To Watch in 2019.
There are a set of six faces printed on everyone of the Ghanaian money notes. These people are referred to as the “Big Six”. And they had so much influence on helping Ghana gain independence and they led the Ghanaian struggle.
These six people are: Kwame Nkrumah, Emmanuel Odarkwei Lamprey, William Ofori Atta, Edward Akufo-Addo, Ebenezer Ako Adjei, Joseph Boakye Dankarh.
So, we believe we have done a good job on enlightening you on the Dollar to Cedi rates. As well as useful information about the Dollar and the Ghanaian Cedi. Happy reading.