Timeline

• At the beginning of the 20th century, at the Akan royal court (Asantehene) weights in 61 standardized units were used for the gold dust currency. The smallest four units are of symbolic nature "to account for individual duat grains", combinations of 18 base units produce the 57 other levels. Additionally, the "Ackie" of 8 Taku (equivalent to 4 Shillings Sterling) was only for trade with the British.
• Akan base weight units:
  - "Mo-aba" (equivalent to ¼ Penny Sterling)
  - "Pɔwa" (equivalent to ½ Penny Sterling)
  - "Pesewa" (equivalent to 1 Penny Sterling)
  - "Damma" (equivalent to 2 Pence Sterling)
  - "Kokɔwa" (equivalent to 4½ Pence Sterling)
• 
  - "Taku" (equivalent to 6 Pence Sterling)
  - "Soa" (equivalent to 6 Shillings Sterling)
  - "Domma" (equivalent to 7 Shillings Sterling)
  - "Borɔfo" (equivalent to 8 Shillings Sterling)
  - "Agyiratwe" (equivalent to 9 Shillings Sterling)
• 
  - "Bodommo" (equivalent to 11 Shillings Sterling)
  - "Nsano" (equivalent to 13 Shillings Sterling)
  - "Suru" (equivalent to 20 Shillings Sterling)
  - "Asia" (equivalent to 26 Shillings Sterling)
  - "Dwoa" (equivalent to 30 Shillings Sterling)
• 
  - "Osuaa" (equivalent to 40 Shillings Sterling)
  - "Bennaa" (equivalent to 140 Shillings Sterling)
  - "Predwan" (equivalent to 160 Shillings Sterling).
   
   

Timeline

• around 1750
• Introduction of the "Trade Ounce" as accounting unit that took into account the transport cost between Africa and Europe, rated as:
  - value of goods in exchange of half a Troy ounce of gold dust with the locals
  - value of goods exchanged at one Troy ounce of fine gold in Europe.
• 06.04.1797
• Resolution of the "Company of Merchants trading into Africa" on the standardization of the Trade Ounce:
  - value of goods in exchange of half a Troy ounce of gold dust with the locals
  - value of goods in exchange of 80 Shillings Sterling (~0.94 Troy ounce of fine gold)in Europe.
  Additionally, issuance of silver subsidiary coins to the gold dust currency for use within the Company's trading post in units of 1, ½, ¼, ⅛ "Trade Ackie" (= ¹⁄₁₆, ¹⁄₃₂, ¹⁄₆₄, ¹⁄₁₂₈ Trade Ounce)
• ??.??.1818
• Issuance of silver coins of ½, ¼ "Trade Ackie"; were not put into circulation but used as presentation pieces (possibly as school premiums)
• 05.08.1875
• Proclamation of colonial ordinances for Sierra Leone of 10.06.1843 and 30.06.1852 on the rating of foreign trade coins; effective immediately:
  - Spanish Dollar (8 Spanish Real in silver) at 50 Pence Sterling
  - Spanish doubloon (8 Spanish Escudos in gold) at 64 Shillings Sterling
  - 10 US Dollars (in gold) at 41 Shillings Sterling
  - 5 French Francs (in silver) at 46½ Pence Sterling
• 29.04.1880
• Ordinance [Demonetisation, No. 2] declares exclusive legal tender status; effective immediately (?):
  - British gold and silver coins
  - Spanish and Latin American 8 Escudos (in gold) at 64 Shillings Sterling
  - 20 French Francs (in gold) at 15⁵⁄₆ Shillings Sterling
  - 10 US Dollars (in gold) at 41 Shillings Sterling
  - Gold dust and nuggets at 72 Shillings Sterling per English troy ounce.
• 12.04.1889
• Ordinance [No. 9], withdraws legal tender status of gold dust and nuggets in the Gold Coast Colony (not the dependencies); effective 15.10.1889
• 03.02.1898
• Ordinance [Order in Council], declares the British Coinage Acts, 1870 & 1891 in force; effective 27.04.1898
• 13.02.1912
• Ordinance [Gold Coast and Dependencies Coinage Order], withdraws legal tender status of gold dust and nuggets in the Ashanti Colony and the Northern Territories Protectorate; effective 01.06.1912
• 07.05.1913
• Ordinance [Gold Coast and Dependencies Coinage Order] on the adoption of the British West African currency; effective immediately.

Timeline

• 04.03.1957
• Ordinance [Bank of Ghana Ordinance, No. 34] on the establishment of a central bank and creation of a national currency; effective 14.07.1958 (later replaced by the law [Bank of Ghana Act, No. 182] of ??.??.1963
• 14.07.1958
• Start of currency exchange:
  - 14.07.1958: Start of issuance of the new banknotes and coins
  - 30.06.1959: End of exchange period, demonetization of the West African currency.

Valuation Regimes

• 1958-1965
• Fixed rate against British Pound

Timeline

• 09.04.1965
• Law [Bank of Ghana (Amendment) Act, No. 282] on the currency reform; effective 19.07.1965
• 19.07.1965
• Start of currency exchange:
  - 19.07.1965: Start of issuance of the new banknotes and coins
  - The previous banknotes and coins were not demonetized (only after the next currency reform).

Valuation Regimes

• 1965-1967
• Fixed rate against British Pound

Timeline

• ??.02.1967
• National Liberation Council's decree [Bank of Ghana Act 1963 (Amendment) Decree 1967, No. 140] on the currency reform; effective 23.02.1967
• 23.02.1967
• Start of currency exchange:
  - 23.02.1967: Start of issuance of the new banknotes and coins
  - 23.05.1967: Demonetization of all previous banknotes and coins
  - 16.02.1972: Abolition of the "New" from the banknote denominations.
• 09.03.1979
• Exchange of all banknotes with partial confiscation (deposits were unaffected):
  - Per person up to 5'000 Cedis were exchanged at 7 : 10 (30% "exchange tax"), exceeding cash amounts at 1 : 2 (50% "exchange tax")
  - Carried out 13.03.-??.??.1979, the previous banknotes were invalid afterwards.
• 08.02.1982
• Exchange of banknotes of 50 Cedis:
  - All amounts were exchanged at 1 : 1 for Ghanaian nationals with domestic residence, all other holders of cash were excluded
  - Carried out 08.02.-12.02.1982, the previous banknotes were invalid afterwards.

Valuation Regimes

• 1967
• Fixed rate against British Pound
• 1967-1978
• Fixed rate against US Dollar
• 1978-1983
• Variable rate (de facto still fixed against US Dollar)
• 1983-1987
• Fixed rate against US Dollar
• 1987-2007
• Variable rate

Timeline

• ??.06.2007
• Government resolution on the currency reform (central bank publication on 04.06.2007); effective 01.07.2007
• 01.07.2007
• Start of currency exchange:
  - 01.07.2007: Start of issuance of the new banknotes and coins
  - 31.12.2007: Demonetization of thr previous banknotes and coins.

Valuation Regimes

• 2007-
• Variable rate