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18.04.2007 Business & Finance

BOG only authority to issue currency - NCCE Director


The 1992 constitution mandates the Bank of Ghana (BOG) as the sole authority to issue currency in the country.

It also enjoins the Bank under Article 183 to promote, maintain and regulate the currency to promote national economic progress.

Neenyi Kofi Tagoe, Komenda-Edina-Eguafo-Abirem (KEEA) District Director of the National Commission for Civil Education (NCCE), stated these when he refuted an allegation that the re-denomination of the cedi was to the benefit of a particular political party.

Answering a question at a forum at Birase near Komenda in the Central Region, he appealed to people to stop politicising the exercise in the interest of the nation.

Neenyi Tagoe pointed out that even though the old currency would cease to be legal tender after December 31, 2007, it could be changed in any bank in the country for the new one.

There is no need for panic changing since there is no time limit to change the old money, the NCCE Director stated.

John Prince Mensah, Civic Education Officer, explaining the need for the exercise said it would facilitate business since it would curtail the carrying of huge sums for business transactions and simplify accounting and book keeping.

Similar forums had been held at Dominase, Atonkwa, Ayensudo, Komenda and Elmina.

Source: GNA