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03.01.2007 General News

Education On Cedi Re-Denomination

By Daily Graphic
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The Bank of Ghana (BoG) definitely has a formidable task in educating Ghanaians on the proposed re-denomination of the cedi.

However, the task will be lighter only when corporate bodies with an understanding and appreciation of the exercise also take keen interest in it.

That is why we pledge our unconditional support for the exercise. We also consider as welcome news the decision of the Ghana Association of Bankers to support the exercise.

At a meeting of the association last month, the bankers endorsed the policy and gave assurance of their preparedness to do all they could to support the exercise.

The banks promised to upgrade their systems and structures to meet the needs of the exercise and, more important, unequivocally stated their commitment to support public education on the re-denomination exercise.

It is also heart-warming that rural banks were equally represented, and this gives us hope about what the banks would do to ensure the success of the exercise.

With the banks proffering their support, especially their involvement in educating their clients on the benefits of the exercise, part of the battle is already won.

There is a Ghanaian saying which espouses the beauty of us all sharing in some responsibilities to reduce the burden on the few. This is one such demonstration of a shared vision.

Since the banks have customers across all sectors of the economy, we are optimistic that they will carry the education programmes to the markets, shopping malls, lorry stations, churches, mosques, as well as on the factory floors.

The re-denomination exercise is a major policy initiative which will bring countless benefits to the economy if it is successfully implemented.

But it also has the potential to cause unnecessary panic. That is why public education is imperative and crucial.

We would, therefore, suggest that the BoG and all other stakeholders, including the National Commission for Civic Education (NCCE), must collaborate to design appropriate messages and use both traditional and modern communication channels to reach out to the people.

The NCCE, in particular, must be financially supported to deploy its expertise in public education to create a diffused network for the re-denomination exercise.

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