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21.03.2007 Business & Finance

New Ghana Cedi - Traders need more education

By myjoyonline

Providers of goods and services who are expected to implement the dual pricing policy set to be introduced by the Bank of Ghana seem unfamiliar with the conversion of the old cedi to the new one.

To make the conversion and usage of the new currency easy the Central Bank says it will introduce dual pricing of goods and services in May, two clear months to the implementation date of the new policy.

From May, prices of goods and services will be quoted in the new Ghana cedi as well as the current one.

But some traders in the Central Business District of Accra who could not easily convert their original prices to the new Ghana cedi say they need more than TV and radio adverts to catch up.

Meanwhile banks and other financial service providers in Kumasi are employing educational strategies to prepare customers for the redenomination of the currency.

The financial sector players say they have identified a need to simplify the campaign to enable it make the desired impact.

Officials say the exercise will ease the burden of conversion when implementation of the policy starts in July.