Where can i exchange ghana cedis to us dollars
Ghana economy- cedi ranked best performing
Ghana broke away from the British West African pound, which was the currency of the British colonies in the area, after gaining independence. The Ghanaian pound was the new republic’s first independent currency (1958-1965). Ghana abandoned the British colonial monetary system in 1965 and moved to the generally accepted decimal system. In place of the old British pound scheme, the African term Cedi (1965-1967) was adopted. In July 1965, Ghana’s first President, Kwame Nkrumah, replaced the Ghanaian pounds, shillings, and pence with Cedi notes and Pesewa coins. The cedi was worth eight shillings and four pence (8s 4d) and featured the President’s portrait.
The new leaders decided to strip Nkrumah’s face from banknotes after the February 14, 1966 military coup. The “fresh cedi” (1967-2007) was worth 1.2 cedi at the time of its launch, making it equivalent to half a pound sterling. The new cedi was eventually phased out in 2007 in favour of the “Ghana cedi” at an exchange rate of 1:10,000, after decades of high inflation had devalued it. The 20,000 note, the largest of the latest cedi banknotes, had a value of around US$2 in 2007. The Ghana cedi became the highest-denominated currency unit issued in Africa after four digits were removed. It has lost about 75% of its value since then.
Cedi falls in March as concerns about the coronavirus rise.
Converting & exchanging us dollars to ghana cedis like
As the global fallout from the coronavirus pandemic escalated, the Ghanaian cedi lost much of its early-year gains against the US dollar through the end of March. On March 20, the currency was trading at 5.65 per US dollar, down 5.8% from the same day in February. Meanwhile, the currency was up 1% year to date, despite being down 7.2 percent year on year.
The cedi is expected to weaken further before the end of the year, as the coronavirus-related downturn weighs on domestic and foreign economic activity. Furthermore, elevated fiscal instability ahead of the presidential elections at the end of the year remains a significant risk to the outlook. The cedi is forecast to finish 2020 at 6.19 per USD, and 2021 at 6.45 per USD, according to FocusEconomics.
Ghana currency – cedi
You might find yourself having to switch currency more frequently than you expected. Your company can need to pay overseas workers and suppliers in significant quantities by translating Cedi to US Dollar. You may also have personal reasons for converting your GHS to USD, such as purchasing property in another country or paying for international university tuition. To optimize the bottom line and reduce the costs associated with foreign transfers, accept transfer payments whether you’re making a one-time payment or have an ongoing expense.
Wire transfers through your personal bank are not recommended since we know you want to pay the lowest rate possible when exchanging and sending GHS to USD. Moving money across borders can be a complicated process. The whole procedure can take a long time, not to mention the high fees.
Find out about US Dollar Conversion Rates and the value of the US Dollar against the Ghanaian Cedi. Find out how much a dollar is worth in GHS. This currency converter may also be used to assess the exchange rate of the US Dollar against major currencies such as the US Dollar, Pound Sterling, Euro, Rupee, and currencies of Gulf countries, among others. US Dollar Exchange Rate Calculator and Forex Conversions with Other Currencies are simple and user-friendly. The table below displays the current USD exchange rate against the world’s major currencies.