One new Ghana Cedi is equivalent to ten thousand old Ghana Cedis. So, 1=10,000. And just as 100 cents makes one dollar, 100 pesewas makes one new Ghana Cedi.
However, prior to July 2007, pesewas were not in circulation. Any value less than 10,000 Cedis (1 new Ghana Cedi) was expressed in “thousands” of Cedis.
Today’s 10 pesewas was 1000 Ghana Cedis and 'thousand' is still quoted on the streets for items of this value, such as sachets of purified water sold in plastic bags. It is quite common to hear items still quoted as 'five thousand' instead of today’s 50 pesewas, or 'ten thousand' instead of today’s 1 new Ghana Cedi"
Image from Wikipedia.