Ghana announces new notes and coins

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Once again, the Bank of Ghana (BoG), as part of its currency reforms, has introduced a set of new notes and coins. This was announced by the Governor of the Bank of Ghana, Dr. Ernest Addison at a press conference in Accra on Friday.

The Bank of Ghana has introduced ¢100, ¢200 notes and ¢2 coins. in the country’s currency denomination mix.

Justifying the development, the Governor claimed the face value of the cedi compared to the United State dollar over the past twelve (12) years had eroded due to sustained periods of high inflation and depreciation.

For Dr. Addison, the new currencies will help shore up the value of the currency.

But harsh words, comments and total disagreements from all concerned have trailed the announcement by the Central Bank.

Some are of the firm view, that the introduction of the new notes will cause inflation and make it easier for political office holders to loot public funds.

Even though the Bank of Ghana  is making efforts to  inform the public about the merits of the new notes, but as far as I can tell, no one seems to be getting the message. – Not even me. A connoisseur of the financial sector said.

I’m not against the introduction of the new notes – I’m not in support of it either. lol
Sitting on the fence on this one. Maybe when I know the reasons why it is being introduced, then I can make an informed decision.

The main reason why most people are kicking against the introduction of the new notes is because of how inconveniencing it can be to carry around.

Others have cited the re-denomination exercise aimed to eliminate four zeros from the existing units of currencies to introduce efficiency in the economy and removes the dead-weight burden associated with transactions as fruitless.

 

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