The Ghanaian cedi is the unit of currency of Ghana. It is the only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas. After it gained independence Ghana separated itself from the British West African pound, the currency of the British colonies in the region; the new republic's first independent currency was the Ghanaian pound. In 1965, Ghana decided to leave the British colonial monetary system and adopt the accepted decimal system; the African name Cedi was introduced in place of the old British pound system. Ghana's first President Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds and pence; the cedi bore the portrait of the President and was equivalent to eight shillings and four pence, i.e. one hundred old pence, so that 1 pesewa was equal to one penny. After the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes; the "new cedi" was worth 1.2 cedis, which made it equal to half of a pound sterling at its introduction.
Decades of high inflation devalued the new cedi, so that in 2007 the largest of the "new cedi" banknotes, the 20,000 note, had a value of about US$2. The new cedi was phased out in 2007 in favor of the "Ghana cedi" at an exchange rate of 1:10,000. By removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa, it has since fallen to about 20% of its original purchasing power when the currency was redenominated. The word cedi is the Akan word for cowry shell, which were used as currency in what is now Ghana; the Monetaria moneta or money cowry is not native to West African waters but is a common species in the Indian Ocean. The porcelain-like shells came to West Africa, beginning in the 14th century, through trade with Arab merchants; the first modern coins used at the Gold Coast were produced in 1796 but cowries were used alongside coins and gold dust as currency until 1901. The first cedi was introduced in 1965, replacing the pound at a rate of 2.4 cedi = 1 pound, or 1 pesewa = 1 penny.
The first cedi was pegged to the British pound at a rate of 2.4 cedis = 1 pound. The first cedi was replaced in 1967 by a "new cedi", worth 1.2 first cedis. This allowed a decimal conversion with the pound, namely 2 second cedis = 1 pound; the change provided an opportunity to remove Kwame Nkrumah's image from coins and notes. The second cedi was pegged to the British pound at a rate of 2 cedi = 1 pound. However, within months, the second cedi was devalued to a rate of 2.45 second cedi = 1 pound, less than the value of the first cedi. This rate was equivalent to 1 cedi = 0.98 U. S. dollars and the rate to the dollar was maintained when the British pound was devalued in November 1967. Further pegs were set of $0.55 in 1971, $0.78 in 1972, $0.8696 in 1973 before the currency was floated in 1978. High inflation ensued, so the cedi was re-pegged at ₵2.80 = $1.00. Inflation continued to eat away at the cedi's value on the black market. In the early 1980s, the government started cracking down hard on the retail of products at prices other than the official established sale price.
This had the effect of driving nearly all commerce underground, where black market prices for commodities were the norm, nothing existed on store shelves. By 1983 the cedi was worth about 120 to one U. S. dollar on the black market, a pack of cigarettes cost about ₵150, but the bank rate continued at ₵2.80 = $1.00. With foreign currency drying up for all import transactions, the government was forced to begin a process of gradual devaluation, a liberalization of its strict price controls; this process ended in 1990 with a free float of the cedi against foreign currencies. Inflation continued until by July 2007, the cedi was worth about 9500 to one US dollar, a transition to the third cedi was initiated. In 1979 a currency confiscation took place. New banknotes were issued. Coins and bank accounts were unaffected. A second confiscation took place in 1982. Ghanaians, in theory, could exchange any number of ₵50 notes for coins or other banknotes without loss, but foreigners could not make any exchange.
However, many Ghanaians who were hoarding large amounts of cedis feared reprisal if they tried to convert all of it, so burned a lot of their money. Many other Ghanaians received "promise payment notes" from the banks, but never received compensation; this confiscation was publicly justified as a means to create a disincentive for the flourishing black market. However, from a monetary perspective, currency confiscations have the effect of reducing the available cash in the economy, thereby slowing the rate of inflation. After the ₵50 note confiscation, the ₵20 note was the highest cedi denomination, but had a street value of only about $0.35 After the ₵50 note confiscation, fears existed that the government could confiscate the ₵20 or the ₵10 notes. This fear, along with inflation running at about 100% annually, started causing Ghanaian society to lose its faith in its own currency; some transactions could only be done in foreign currencies, other more routine transactions began to revert to a barter economy.
In 1991, 10, 20, 50, 100 cedi coins were introduced, followed by 200 and 500 cedis in 1996. These six denominations were still in circulation until 2007. However, the 10 cedis and 20 ced
State Route 9 is one of the longest state highways in the U. S. state of Alabama. From the Florida state line north to Montgomery, SR 9 is the unsigned partner route of U. S. Route 331; as a signed route, the southern terminus of SR 9 is at its junction with US 231 and SR 21 at Wetumpka, the northern terminus of the route is at the Georgia state line east of Cedar Bluff, where the route becomes State Route 20. US 331 enters Alabama from Florida near the border town of Florala; the route is one of several routes used to connect Alabama and points north with the Gulf of Mexico beaches in northwest Florida. From the state line to Montgomery, US 331 and SR 9 follow a north–south orientation. North of Montgomery, SR 9 as a standalone route assumes a more northeast–southwest orientation, passes through rural areas and small towns in the eastern part of the state. U. S. Roads portal United States portal
Prior to the introduction of computers, cheque processing was performed manually by each institution. The advent of computers necessitated the development of peripheral equipment that would aid in the processing of cheques and other MICR encoded documents. Machines were developed that could be used to read the MICR information encoded at the bottom of the cheques and other financial instruments, so that they could be sorted and the information passed to the processing system for computer posting; some of these machines operated in an offline capacity to further sort cheques and other documents as required without online processing. Many firms were developing and designing hardware and software for use by financial institutions to perform their day-to-day operations, among those IBM. IBM introduced the 3890 High Speed Document Processor in 1973; this piece of equipment is used by financial institutions to sort and tally all cheques, utility payment and gift certificates at the end of each banking day.
The machine reads the magnetic ink characters and/or the optical characters that are encoded on the bottom of each document. This code line facilitates sorting them into pockets; the document process is designed to feed at a rate of 2400 six inch cheques per minute. An application called, it receives the data from the document processor and can store information from the cheques, including the bank number, branch number, account number and the amount the check was written for, as well as internal transaction codes. The 3890 can operate in an offline mode using an SCI program; the machine is made up of each performing specific task. At the far left of the machine is the control unit. Sort control programs, character recognition and host connection are handled by an IBM PC server in the control unit. Early A-F models used an IBM S/360 based processor with magnetic core memory, it links to all the electronic control systems and cabling, required to operate the machine. The next module is the left feed module.
This section of the machine is. The MICR line is read in this part of the machine; the MICR information is passed to the control unit for additional processing. This module has the ability to insert tracking documents into the stream of cheques in the transport. On Models A-F, the item numbering feature or INF was found in the left feed module; the INF could print a unique 8 digit number on the back of each check. The right feed module performs two functions. One is the input area. Before this happens, all documents are "jogged"; this process causes the cheques to be lined up better for feeding into the left feed module. The second function is the Programmable Item Number Endorse system or PINE, which appeared with the model XP1, it is a high speed ink jet printer used to print document tracking number on each cheque which goes through the machine. At the same time an “endorsement” stamp is sprayed on to show which institution has handled the cheque. On Models A-F, an "endorsement" stamp is used to show.
After this, the document passes through two optional modules. To meet the requirements of the American Banking Association, one of the two must be used; until October 2003, the only legal way to provide long term archiving of cheques was microfilm. This is one of the optional modules. High speed strobe lights illuminate the cheques and mirrors direct the lit image through a camera onto film; the front and back of the cheque, plus the item number are transferred to the film. The other optional module is the Image Capture Processor. High speed digital scanners generate pictures of the back of the check. To keep up with the speed that documents move by the scanners, four PC’s are used – one cheque directed to one PC, the next to the second and so forth; these images are consolidated to a fifth PC which sends the images to a host computer system, where the digital images can be stored on hard disks. After this they can be backed up using magnetic tapes for long term archiving; as of October, 2003, these images, rather than the physical cheques, can be used when institutions needs to exchange cheque information.
The final component on a 3890 is the stacker modules. Each module has six pockets, the machine supports up to six stackers for a total of 36 pockets; the sort control program directs each document to the appropriate pocket. A cheque might be sorted according to the institution it is drawn against, a customer account, or a utility company; these pockets allow the physical cheques to be stored in trays. The 3890 is programmed by two methods; the first is SCI, which are executed directly by the S/360 in the model A-F machines, emulated by the PC in the 3890/XP. The 3890/XP added an additional method of programming, known as Native; this allowed programs written for the PC to make sort decisions. The API available to Native programs is the SPXSERV api. IBM withdrew the 3890/XP1 from marketing on September 27, 2005. IBM introduces 3890 Document Processor American Bankers Association - Check 21 3890/XP Series SCI Reference 3890/XP and 3890/XPE Series SPXServ Reference 3890/XP Series Programming Guide