Effective 1 July 2007, the current currency of the country, the Cedi (¢), will be redenominated to the Ghana Cedi (GH¢), such that ten thousand Cedis will be equivalent to one Ghana Cedi. The re-denomination is not expected to affect the intrinsic value of the currency - “the value will be the same”.
Two of the reasons given by the Central Bank for the re-denomination are the increasing difficulty in maintaining accounting and statistical records; and problems with accounting and data processing software. For most business enterprises, such an exercise is expected to result in significant cost savings on the one hand but some challenges on the other.
Clients and Markets Development, PwC Ghana
Tel: +233 (0) 302 761 500