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11.04.2007 General News

Pricing, biggest challenge to currency re-denomination


Mr. Issah Abdulai Nassigre, Northern Regional Director of the National Commission for Civic Education (NCCE), on Tuesday indicated that the pricing of products would be the biggest initial challenge after the introduction of the de-nomination of the cedi.

He explained that many people especially the rural folk and some illiterate traders would be confused as to how to price their wares, receive and give change involving the smaller de-nomination to customers.

Mr. Nassigre told the GNA in an interview in Tamale, after his outfit organised an educational campaigns for traders in the Tamale Metropolis on the re-denomination of the cedi and how to price their wares.

He said the NCCE through its educational interactions with market women noted that, most of them expressed their concerns and misunderstanding about the de-nomination.

He said when the NCCE interacted with some traders in Yendi the traders wanted to know whether the ten and 20 cedis coins, which were still in the system are still legal tender and was also liable to change in July.

The Director said that the sensitisation exercise revealed that, the banks were currently not accepting 10 and 20 cedis coins, yet no explanations have been given about its rejection.

He said another issue emerging out of the educational campaign was the conversion of figures in figures to the new currency, for instance the conversion of 21,854,321 cedis to the new currency.

Mr. Nassigre said some of the people demanded to see a sample of the new currency to enable them have a better understanding of the changes.

He explained that the first phase of the educational campaign, which his outfit had embarked upon would end in April and was basically for the education of the people and that the second phase, would be on the evaluation of the educational campaign and the feedback.

He, however, appealed to the media to help to intensify the campaign to ensure that people understood and accepted the new currency without confusion.

When the GNA contacted the Agricultural Development Bank, an official who pleaded anonymity, said the bank was waiting for directives from the Bank of Ghana on how to deal with old coins, particularly that of the ten and the 20 cedis, which were still legal tender.—GNA