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13.06.2007 Business & Finance

Give accurate reports on re-denomination

By The Chronicle

The Cape Coast Municipal Chief Executive, Ms Mercy Arhin has appealed to the media to report accurately on the re-denomination exercise, which begins next month by sensitizing the public to understand the conversional rates in their daily businesses.

Ms Arhin stated that this had become necessary since the larger share of the country's resources is in the hands of the ordinary Ghanaian who are engaged in their private businesses stressing on the need to educate them adequately.

She made this statement at the opening of a training workshop organised by the Controller and Accountants General's Department (CAGD) in Cape Coast.

Ms Mercy Arhin urged the general public to take the re-denomination exercise seriously to help them in understanding the conversion rates as well as to enable them to transact without incurring any losses.

The Director in charge of Public Finance Management at CADG, Mr. Daniel Domelevo, entreated the public to take the exercise serious saying it would deter criminals from taking undue advantage of people's ignorance to dupe them. Mr. Domelevo explained that the currency change had become necessary as the old currency is burdened with numerous problems, which the new one seeks to address by making it easier for the public to cash money at the banks and improv on safety in carrying large sums of money around.

He explained that the new currency will have the Ghana Cedi (GH¢) and Ghana Pesewa (Gp) signs to differentiate it from the old currency with the highest note being the GH ¢50 representing ¢500,000 old currency and GH ¢1 representing current ¢10,000 as well as being the highest coin.

Mr. Domelevo again entreated the public not to rush to change their money into the new currency as that tendency could facilitate activities of criminals who would want to pose as changing agents.

He reminded participants that the old currency will cease to be legal tender after six months where the old currency could be exchanged at any Rural or Community Banks, Commercial Bank, Bank of Ghana or Savings and Loans Companies.

He advised all government services to issue invoices in the new currency from next month and urged the public to eschew the habit of making claims about insignificant figures, which might occur as a result of exchange loss.

This was after post-old currency conversion losses had generated heated debate among participant, which occasionally compelled Mr. Domelevo to bring the meeting to order.