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03.05.2007 General News

New Cedi Specimen Out Today

The Governor of the Bank of Ghana, Dr Paul Acquah, will today unveil specimen of the new Ghana currency, which will be in circulation from July 1, this year.

The currencies will be in GH¢50, GH¢20, GH¢10, GH¢5, and GH¢1 notes and Gp50, Gp20, Gp10, Gp5 and Gp1 coins.

This was made known by the Head of the Monetary Policy Analysis and Financial Stability Department of the Bank of Ghana (BoG), Dr Benjamin Amoah, at a public seminar on the re-denomination of the currency.

Taking participants through the re-denomination exercise, Dr Amoah said the introduction of the new Ghana Cedi would afford Ghanaians the opportunity to familiarise themselves with the money before its circulation in July.

He said the notes had features that could be identified by those with disabilities, such as the visually impaired, while added security and durability features had been incorporated to safeguard counterfeiting.

On the benefits of the exercise, he mentioned the ease of carrying less sums around to transact business.

“The era of carrying around a bag-load of money has been substituted for an era of carrying money in a purse,” Dr Amoah stated.

Other benefits he cited would accrue to the economy, were the reduction in the cost of printing new currencies, facilitation of the use of car parking meters, vending machines and Automated Teller Machines (ATMs).

The factors for a re-denomination Dr Amoah said, were the prudent fiscal and monetary measures that had created a good economic environment for the exercise.

Dr Amoah pointed out that the present monetary regime was a “dead weight burden” on the economy due to slow business transactions and time wasting at the banks because of bulk cash handling.

He said the increasing difficulties in maintaining bookkeeping and statistical records by organisations was also a factor in the re-denomination exercise.

Dr Amoah said that both the old and the new currencies would circulate side by side for a period of six months. The old currency would, however, still be exchanged from the commercial banks after December 2007.

Story by Caroline Boateng

& Maria Alberta Viala