Stories and facts

Money has taken many forms in Ghana's long history, reflecting the nation's rich cultural heritage and economic evolution. Long before coins and banknotes existed, many societies across Africa and beyond relied on items of natural and symbolic value as a form of money.

Among the most widespread of these were cowrie shells. These small, glossy shells originated in the Indian and Pacific Oceans and made their way into Africa through ancient trade routes, particularly across the Sahara Desert and along the East African coast.

By the 14th century, cowries were used as currency in parts of Asia, the Middle East, and much of Africa, prized for their durability, unique appearance, and scarcity far inland. Their circulation was closely linked to long-distance trade, with both traders and empires adopting them as a reliable means of exchange.

In Ghana, cowries gained importance during the trans-Saharan trade era and became deeply woven into local economies and cultures. They were used to buy food, pay taxes, and measure wealth, often strung together for larger transactions.

Beyond economic use, cowries held spiritual value in many Ghanaian communities, symbolising fertility, protection, and divine blessing. Alongside cowries, other items such as gold dust, iron rods, and textiles were also accepted as currency, especially among the Akan and other ethnic groups.

Gold, in particular, became central not only for regional trade but also for commerce with European traders who arrived on Ghana’s coast in the 15th century.

With colonisation, these traditional forms of money gradually gave way to European systems. The British West African pound became the official currency in the Gold Coast, aligning Ghana’s economy with other British colonies in the region.

Following independence in 1957, the country sought to assert its economic sovereignty by introducing the Ghanaian pound in 1958. This was replaced in 1965 by the cedi, named after the Akan word for cowrie shell, linking the new national currency to Ghana’s precolonial trading traditions.

Since then, Ghana’s currency has undergone several changes reflecting political shifts and economic challenges. The “new cedi” was introduced in 1967 after a coup, removing Kwame Nkrumah’s image from banknotes.

Later, amid decades of inflation, Ghana redenominated its currency in 2007, introducing the Ghana cedi (GHS), with one new unit equal to 10,000 old cedis. This reform simplified transactions and restored confidence in the currency.

Today, the cedi continues to evolve through redesigned notes and coins, but its name still recalls the journey from cowries and gold dust to modern money, a story of Ghana’s resilience, heritage, and economic progress.

Below is a timeline tracing this transformation through the years: