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24.05.2007 Business & Finance

Akwapim North NCCE intensifies education on re-denomination


Ghanaians have been called upon to embrace the re-denomination of the cedi since the exercise would bring them relief from the precious time lost in counting bundles of money.

Mr. Ernest Asare Buakye, Akwapim North District Director of the National Commission on Civic Education (NCCE), speaking at a durbar of the Chiefs and people of Abiriw in the Akwapim North District of the Eastern Region, said it would also reduce the burden of carrying large sums of money to transact business.

The durbar was one of a series of public education lined up by the District Directorate of the NCCE on the re-denomination exercise for communities in the area.

Mr. Buakye explained that the Bank of Ghana (BoG), which had the sole mandate of minting and issuing currencies, was undertaking the exercise to ensure easy book-keeping and accountings.

He said that with effect from July 1, this year, "The new currency shall be exchanged for the existing notes and coins at all rural banks, savings and loans companies, commercial banks and the Bank of Ghana", adding that, "Ten thousand cedis shall be equivalent to one Ghana cedi, which will be equivalent to one hundred Ghana pesewas".

Mr. Buakye said all exchange rate quotations would be made in the Ghana cedi in four digits to reflect international practice, adding: "Exchange rate quotations shall be rounded off at the fourth decimal".

The Director stated that the cedi bank notes, coins and pesewas that were presently in circulation, would be withdrawn from circulation and no longer be legal tender as from January 1, 2008.

He explained, however, that there was no need to rush for the changing of the old currency for the new since the old notes and coins would be side by side the new until the old ones were phased out.

Mr. Buakye cautioned the people to be mindful of unscrupulous persons who would approach them as agents to change their money, saying, "If you entertain their views and suggestions, you would end up being swindled and cheated by such persons, it is therefore, better to deal with accredited bank officials".

The Director called on the people to endeavour to keep the cedi notes clean and neat, because: "Cleanliness is next to Godliness".

Speaking to the Ghana News Agency after a second durbar at Otwiri, the District Director said the programme was one of a series in the Districts.

He said the Directorate had phased the programme into three, with the first phase being mainly durbars while the second, still in progress covering 10 communities.

The third phase would involve 50 visits to identifiable groups, institutions and religious organizations, he said, adding that, 11 institutions had been educated as 'trainer of trainers'.

He said NCCE in the District had earlier launched a special programme dubbed, "The early bird", which aimed people who left home early to their farms, market and other business activities.

Mr. Buakye noted that it was important for businesses to appreciate the change to facilitate their operations.

"I am convinced that by the end of the nation-wide campaign on the re-denomination being conducted by the NCCE, the objective for which the exercise is being carried out would be achieved", he stated.