AFN to GHS

AFN - Afghan Afghani (؋)

Afghan Afghani

The Afghan Afghani (AFN) was introduced in 2003 as the new currency for Afghanistan. Two distinct rates were established: the government issue of 1000 and the northern alliance of 2000. Prior to 2003 the currency was the Afghanistan Afghani (AFA). There is no stock market. Money lending as well as foreign exchange is done through money bazaars.

The Afghan Afghani is the currency in Afghanistan (AF, AFG). The symbol for AFN can be written Af. The Afghan Afghani is divided into 100 puls. The exchange rate for the Afghan Afghani was last updated on May 24, 2019 from Yahoo Finance. The AFN conversion factor has 3 significant digits.

Economy

• Afghanistan relies on foreign aid, trade, and farming from bordering countries.
• The country and international concerns are focusing on improving infrastructure by creating jobs, promoting development of housing, and investing in education.
• International groups contributed over $2 billion to help Afghanistan’s dying economy.
• Afghanistan's agricultural products include wheat, wool, nuts, mutton, opium, lamb skin, and sheep skin.
• Afghanistan exports mainly nuts, fruit, carpets, and cotton.
• Imports include textiles, petroleum products, and capital goods.

History

• The first Afghani (AFA) was introduced in 1925. Before this time period the Afghan Rupee was the official currency.
• From the year 1925 to the year 1928 Afghani treasury notes were introduced.
• In 1975, all Afghanistan banks were nationalized.
• In 1981, the Afghani was pegged to the United States Dollar at 1 USD = 50 Afghanis.
• Afghanistan was taken over by Taliban rulers in 1996. The Taliban central bank declared the Afghanistan Afghani worthless and the bank cancelled the contract they had with Russia for printing their money. The country's currency was devalued against the US dollar to a rate of 1 USD = 43 Afghani.
• In 2002, the new Afghan Afghani currency (AFN) was introduced. In October, 2003 Afghanistan started using AFN as the official currency in local trade.
• In 2005, Afghani coins replaced the 1, 2, and 5 Afghani banknotes.
• Since 2005 the Afghanistan economy has grown at a steady pace.

More information about AFN - Afghan Afghani (؋)

GHS - Ghanaian Cedi (GH¢)

Ghanaian Cedi

The Ghanaian Cedi is the official currency for Ghana, a country located in West Africa. It is bordered by Côte d'Ivoire (Ivory Coast) to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south.

The Ghanaian Cedi is the currency in Ghana (GH, GHA). The Ghanaian Cedi is divided into 100 pesewas. The exchange rate for the Ghanaian Cedi was last updated on May 24, 2019 from Yahoo Finance. The GHS conversion factor has 5 significant digits.

Economy

• Ghana's economy was ranked as one of the fastest growing economies in the world in 2011, with economic growth predicted at about 20% in 2011.
• Ghana is a middle-income country. With copious natural resources, Ghana has more than twice the per capita output of poorer countries in West Africa.
• Known for its gold in the colonial era, Ghana remains one of the largest gold producers. Other export products include cocoa, oil, wood, electricity, diamonds, bauxite and manganese. Raw materials such as these are the main source of foreign exchange.
• Ghana’s political and economic stability, low crime rate, and the use of the English language across the country make it an attractive entry point to West Africa for foreigners. As a result, tourism is a rapidly growing sector, particularly among Europeans, Americans, and others connected to the Ghanaian Diaspora abroad.
• Main tourist destinations include UNESCO World Heritage Sites as Cape Coast Castle and Elmina Castle, Kakum National Parks and National Park Mole National Park, and cultural celebrations like Panafest.

History

• The Ghanaian New Cedi was introduced on July 3, 2007 and is equal to 10,000 old (Second) Cedis. It was the highest-valued currency unit issued by sovereign countries in Africa in 2007.
• One Ghanaian New Cedi is divided into one hundred Ghana pesewas.
• A number of Ghanaian New Cedi coins have also been issued in Sika denominations. The word sika means "gold”. These are probably best considered as medallic coinage, and may have no legal tender status.
• The first Cedi was introduced in 1965, replacing the British Pound at a rate of 2.4 Cedi = 1 Pound, or 1 pesewa = 1 penny.
• The second Cedi was initially 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.
• On July 1, 2007, the third Cedi, the currently used Ghanaian New Cedi, was introduced. One New Cedi was worth 10,000 second Cedis. The currencies remained pegged to each other at this exchange value. The New Cedi has become one of Africa’s higher valued currencies (rather than one of the least valued, the case with the second Cedi).

More information about GHS - Ghanaian Cedi (GH¢)