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24.05.2007 General News

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."