GHANA ISSUES NEW BANKNOTES AND TWO CEDI COIN

The Governor of the central bank, Dr Ernest Yedu Addison, has announced the introduction of ¢100 and ¢200 notes to the country's currency denomination.

Also, ¢2 coins have been introduced.

The new notes which go into circulation Friday were unveiled at a press conference at the Banking Hall of the Bank of Ghana (BoG).

"We need banknotes and coins that are convenient for most people to use, high quality, secure and cost-effective. Accordingly, in March 2017, the Bank of Ghana begun a process of conducting a thorough review of the structure of the currency including on the note/coin boundary and acceptability and use of the individual currency series," Dr Addison said.

He said the review exercise which involved conducting a nationwide survey with market operatives, businesses and international stakeholders as well as some empirical exercise.

"These new higher value denominations will only restore partially the dollar value of the higher denomination GH¢200 to about US$40, not quite close to levels in 2007, but high enough to significantly reduce the deadweight burden and high transaction cost in making high-value purchases in a cash-based economy like Ghana," he said.

To read the complete article, see:
Central Bank introduces ¢100, ¢200 notes and ¢2 coin (https://www.myjoyonline.com/business/2019/november-29th/central-bank-introduces-gh100-gh200-notes-and-gh2-coin.php)

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