¢7.7tr Old Currency Withdrawn

Gradually, the old currency is being phased out of circulation, with the Bank of Ghana withdrawing about ¢7.7 trillion of it so far.

This meant that the Central Bank had ¢1.54 trillion old currency (14.7 per cent) more to be withdrawn from circulation before the redenomination ends in December.

As at the end of August, the regulator of the banking industry had withdrawn approximately ¢5.5 trillion of the old currency from circulation.

Before the introduction of the new Ghana cedi in July, there was about ¢9.24 trillion of the old currency in circulation.

The Bank of Ghana was still optimistic that the remaining ¢1.54 trillion currently in circulation would be withdrawn before the deadline of December 31, 2007.

CITY & BUSINESS GUIDE source at the Central Bank said the rate at which the old currency was being withdrawn sent positive signals that the redenomination exercise had been successful.

The source was hopeful that a greater percentage of the old currency would be withdrawn by the end of November this year.

Meanwhile, the regulator says it is confident that the old cedi coins which were initially being withdrawn slowly will be phased out of the system by the end of the year.

As at the beginning of August, only 1.58 per cent of the old cedi coins were said to have been collected.

It would appear, therefore, that some of the smaller denominations, such as the ¢100 coin, seemed to have gotten lost in the system.

By Charles Nixon Yeboah