Banks to close doors

Banks in the country will be closed temporarily to the general public from June 30 to July 2, 2007 to allow them prepare adequately to introduce the new cedi denominations.

These days fall on a weekend and a public holiday. Although the banks Automated Teller Machines (ATMs) operated on such days previously, this time round they will be shut until July 3, which is a working day.

The Deputy Manager of Monetary Policy, Analysis and Financial Stability at the Bank of Ghana, Mr Fiifi Blankson, told the Business Week after a seminar organised by Ecobank Ghana Limited in Accra last week.

He said an official announcement will shortly be made by the Bank of Ghana.

Business Week gathers that the banks will use the period to convert all balances into the new currency and also load their ATMs with the new Ghana cedi.

The Head of Operations of Ecobank, Dr. Adom Adu-Amoah, said the shutdown is needed to enable all banks to prepare adequately to serve their customers better.

The banks are expected to issue new cheque books by June 20 as well as close their account books before the change-over date.

However, customers are advised to keep their old cheque books pending Bank of Ghana directives.

Meanwhile, BoG officials have confirmed that the first batch of Ghana's new currencies have arrived in the country from a yet unnamed foreign country where they were minted.

"We are firmly on track and ready for the roll-out stage," affirmed Alex Bernasko, Chairman of the Steering Committee for the currency redenomination.

Source: Business Week