Ghana's First President, Kwame Nkrumah, Introduced Cedi and Pesewa in 1965

Accra, Ghana – Ghana's first President, Osagyefo Dr. Kwame Nkrumah, made a landmark move in July 1965 by introducing the Cedi notes and Pesewa coins, effectively replacing the British pounds, shillings, and pence as the nation's official currency. This historic change, commemorated on Saturday, July 19, 2025, marked a significant step in Ghana's economic independence following its political liberation.

The introduction of the Cedi and Pesewa was more than just a currency change; it was a powerful symbol of Ghana's sovereignty and its break from colonial monetary systems. Prior to 1965, the economy operated using the currency of its former colonial power, the British.

Dr. Nkrumah's vision was to establish a truly independent national identity, which extended to its economic symbols. The new currency facilitated a more streamlined monetary system and reflected Ghana's aspirations for self-reliance and progress. The Cedi was introduced at a rate of 2.40 Cedis to one pound sterling, with the Pesewa being a subdivision of the Cedi (100 Pesewas = 1 Cedi).

This move was a critical component of Nkrumah's broader economic policies aimed at fostering industrialization and national development. The decision to name the currency "Cedi" also harked back to the traditional cowry shell, which served as a form of currency in pre-colonial Ghana, further embedding national heritage into the new economic framework.

The Cedi and Pesewa have since undergone redenomination, but their initial introduction under President Nkrumah remains a cornerstone of Ghana's economic history and its journey towards complete self-determination.