A defining moment in Ghana’s economic history was marked on this day as the nation officially introduced its own decimal currency system. Spearheaded by Ghana’s visionary leader and first President, Dr. Osagyefo Kwame Nkrumah, this bold economic transformation laid the foundation for a more independent and self-reliant national financial identity.
In early 1965, then Minister of Finance, Mr. Kwasi Amoako-Atta, announced the government’s landmark decision to adopt a homegrown currency system. The introduction of the Cedi and the Pesewa not only signified a shift from the British colonial monetary framework but also reinforced Ghana’s pursuit of full sovereignty under Dr. Nkrumah’s leadership.
The name “Cedi” was derived from the word “sedie”, meaning cowrie shell—a traditional form of currency used in West African trade for centuries. This historic choice reflected a deliberate effort to root Ghana’s modern currency in indigenous heritage. Alongside the Cedi, the corresponding coin was aptly named “Pesewa,” inspired by “pesewabo,” a local seed, symbolizing value and prosperity.
On 19th July 1965, various denominations of the newly minted Cedi notes were issued to the public. These first-generation notes proudly bore the portrait of Dr. Kwame Nkrumah, symbolizing not only his leadership but also his relentless drive toward building a self-determined and economically empowered Ghana.
The launch of the Cedi was more than a currency change—it was a profound political and cultural statement. Dr. Nkrumah’s administration demonstrated boldness and foresight in breaking away from colonial financial systems to establish a currency that reflected the aspirations of the Ghanaian people.
Today, the Cedi remains a lasting legacy of Nkrumah’s unmatched leadership and his commitment to the economic liberation of Ghana. As we commemorate this significant date in our history, we are reminded of the transformative impact of visionary leadership and national pride.
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