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08.05.2007 Business & Finance

Coins to be dominant currency

By D.Graphic

Coins which become extinct in everyday trading activities are being revived through the re-denomination of the Ghanaian cedi.

The new pesewas are the one Ghana new pesewa, five Ghana new pesewa, 10 Ghana new pesewa, 20 Ghana new pesewa and 50 Ghana new pesewa.

These pesewas will assume their role as the means of exchange and store of value for all, both within and outside the banking system.

The Ghana Coat of Arms is shown at the back of all the new series of the coins and this captures among other things, the mineral and agricultural wealth of the country, the continuing link between Ghana and the Commonwealth, the lone star of African freedom and the national aspirations.

The front of each coin is a different image symbolizing some aspect of the Ghanaian heritage and tradition.

The one Ghana pesewa (Gp1) has an image of the Adomi Bridge, indicating the significance of infrastructure and freedom of movement of goods and people in a united country.

The five Ghana pesewas (Gp5), which is equivalent to today's ¢500, shows a horn blower, which represents the traditional mode of communication in the country, while the 10 Ghana pesewas (Gp10), equivalent of ¢1,000, is devoted to a book, which also emphasizes the role of education in a democratic society.

The 20 Ghana pesewas (Gp20), equivalent to the present ¢2,000, has cocoa pod which represents the agricultural wealth of the country and the economic importance of cocoa in the country's economy. The 50 Ghana pesewas (Gp50), which is worth ¢5,000 today, has an image of a market woman, which symbolizes the significance of women in business and their contribution in building the Ghanaian economy and the society as a whole.

The fight over change at marketplaces, lorry stations and in other petty transactions will ease to some extent with the re-introduction of coins into the economy. Coins will now regain their lost values in everyday transactions.