Thu, 18 Jan 2007 General News

10% Ghanaians not aware of redenomination of Cedi - BoG

By (ghanaian-chronicle)

RESEARC CONDUCTED by the Bank of Ghana has shown that over 90 per cent of Ghanaians are aware of the intended redenomination of the cedi, which kick starts mid this year.

The survey, according to Dr. Ernest Addison, Head of Research at the Central Bank, however, showed that only 65 per cent of urban Ghanaians really understand the substance of the redenomination exercise.

From July this year, Ghanaians will be using the current cedi alongside a new one to be known as the Ghana Cedi, a resultant currency of four less zeros, until the cedi is totally phased off.

However, fears have been expressed by some Economist, including Kwame Pianim that a careless implementation of the exercise at the micro level, could fuel inflationary tendencies.

Mr. Pianim had told Ghananewstoday that it is highly probable that petty traders, taxi drivers, newspaper vendors, food sellers and other businesses of that category could be inconvenienced with lack of change, which could in turn, lead to frequent rounding offs and thus, eventually fuelling inflation, but Dr. Addison of the Bank of Ghana has sought to allay those fears.

Dr. Addison says adequate measures are being put in place to ensure optimal education of the rural folks, regarding the redenomination.