Ghana is a developing country in West Africa, and its monetary unit is Ganace blue (GHS). The following will explain what currency Ghana uses from four aspects: the history of Ghana's currency, the banknotes and coins currently used, foreign exchange control and future development trends.
1, currency history of Ghana
Ghana uses different currencies, including British pound, Ghanaian pound and Cyprus. 1957 Before Ghana's independence, the Ghanaian pound was the only currency in the country. 1983 Ghana began to use the reclamation land, and the design of reclamation land was improved in 2007. Today, Ganace is the legal tender of this country.
The issuance of Ghana's capital is controlled by the Central Bank of Ghana. The main purpose of currency issuance is to facilitate market transactions and maintain national economic stability. At the same time, Ghana's central bank needs to balance the relationship between currency issuance and inflation. In order to prevent excessive inflation, the Central Bank of Ghana has taken measures to limit the money supply and increase fiscal expenditure.
2. Banknotes and coins currently used in Ghana.
At present, the face value of Ghanaian coins in Ganace is 5 10, 20,50, 100. The denominations of banknotes in Ganace are 1, 2, 5, 10, 20, 50 and 100 respectively, and they are all banknotes of different colors. The design features elements and features of traditional Ghanaian culture.
3. Foreign exchange control
Ghana's central bank implements a foreign exchange control policy, and nationals need to apply for foreign exchange to buy overseas goods. Remittances abroad need to be approved by the Central Bank of Ghana. At the same time, Ghana's central bank also implemented the exchange rate policy to keep Ganace relatively stable and make trade and investment more beneficial to the country's economy and finance.
4. Future development trend
Ghana, as a developing country, is striving to improve the wealth creativity of manufacturing, agriculture and tourism. With the development of economy, the demand for money will gradually increase. Therefore, the Central Bank of Ghana needs to adjust the exchange rate in time to maintain the stability of Ganace and ensure the rationality and sustainability of the monetary system.