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01.01.2008 Business & Finance

Some Rural Banks fail to change old cedi to new Ghana cedi

By GBC News
Some Rural Banks fail to change old cedi to new Ghana cedi

Despite the directive by the Bank of Ghana that all banks should be involved in changing the old currency, some rural banks in Koforidua municipality are refusing to change the old currency for non account holders. When Radio Ghana visited some of the Rural Banks, it was revealed that they only attended to account holders.

As a result of this, Ghana Commercial Bank was overcrowded as people rushed to change their monies before the deadline.

The Koforidua Branch Manager of the Ghana Commercial Bank, John Doku said, the situation has increased work load compelling the bank to assign a teller solely to deal with the situation.

Meanwhile interviews with a cross-section of traders indicated that most of them reject the old currency because according to them their business partners do not accept the old currency, thus, making transactions difficult.
They also expressed concern about the refusal of some rural banks to change the money.

Our Central Regional Correspondent Kwamina Onumah, reports that there was been a rush to exchange of the old currency for the new one. At the Ghana Commercial Bank branch in Cape Coast about 20 billion in old cedi notes and coins has been changed as at 2.30 this afternoon, and more than 72 million old cedis exchanged for the new one at half past eleven this morning at Kakum Rural Bank at Elmina.