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17.12.2007 Business & Finance

Exchange old currencies for new ones- Bank Manager

By Accra Mail



Mr. Eugene Atikpo, Brong Ahafo Regional Manager of Bank of Ghana has reminded those still keeping the old currencies with them to send them to the nearest bank for a change before the beginning of next year.

Speaking in an interview with the Ghana News Agency he stated that the old cedi notes and coins would cease to be legal tender from January 1 next year and those possessing some should not delay although they could still change them at the banks next year.

“The old money cannot be used to purchase anything or transact any business except when dealing with the banks as from January,” he said, adding that, those still in possession of the old currencies by the end of June next year could change them at any bank.

Mr. Atikpo noted that some people felt it embarrassing to carry the new cedi coins on them but reminded them that the coins would be used more in the system as from next year.

“It is an offence for a buyer or seller to reject the new cedi coins”, he warned, saying anyone caught engaged in that would be made to face the full rigours of the law.

Mr. Isaac Asamoah, Sunyani branch manager of Baduman Rural Bank, said the direct exchange of the old currencies for the new ones by non-customers at the bank had ceased for some time now but customers continued to deposit them.

“When the new currency was first introduced both customers and non-customers rushed to the bank to change their old monies just to have a feel of it but they no longer do so because it is now common in the system”, he explained.

The branch manager advised all to take advantage of the grace period given for the exercise and visit the banks to change their old monies.

Mr. Francis Attah Duah, Administrative Manager of Nsoatreman Rural Bank, said he did not anticipate any rush by customers to deposit or exchange the old currencies for the new ones before the December 31 deadline.

“There would have been some signs by now if there would be such rush since even after the deadline, people can still deposit the old currencies”, he added.

He said initially when the exercise started, scores of people rushed to the bank anxious to receive the new currency but as it became common their enthusiasm had died down.

The Sunyani Area Manager of the Ghana Commercial Bank, who spoke on conditions of anonymity, described as positive the level of people's enthusiasm and response to the new cedi.

He said reports from the Techiman and Berekum branches of the bank indicated that customers were still bringing in the old notes but in reduced stock because much of the old notes were exchanged in the early part of the exercise when the new cedi was introduced.

The Area Manager appealed to traders who sell to endeavour to give change in the new currencies and to take the old ones to the banks in exchange for the new currencies.

Mr. Michael Onwona, Sunyani Branch Manager of Barclays Bank, stated that the bank was still receiving the old currencies but not in large volumes as compared to the commencement of the exercise.

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