Simplify the following text for a Grade 3 native English-speaking person.
Original: In July 2007 , the Bank of Ghana embarked on a currency re-denomination exercise , from the Cedi ( â ) to the new currency , the Ghana Cedi ( GHâ ) . The transfer rate is 1 Ghana Cedi for every 10,000 Cedis .
Simplified: 1 Ghana Cedi is equal to 1000 Cedi .