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11.12.2019 Business & Finance

Local Firms Lack Capacity To Print Banknotes – BoG

Local Firms Lack Capacity To Print Banknotes – BoG
LISTEN DEC 11, 2019

The Head of Currency Management at the Bank of Ghana, John Gyamfi, says the Central Bank for the foreseeable future will continue to print Ghana's currency notes with well-proven and trusted international companies as local firms lack the capacity to execute such jobs.

The comment follows the revelation that the newly introduced GH¢200 and GH¢100 banknotes for the country, were printed by Crane Currency, a currency and security printing company in the United States of America.

This makes it the second time in 2 years that the same company has won a design and printing bid for currency notes for Ghana's Central Bank.

Speaking to Citi Business News on the possibility of local firms printing Ghana's currency in the future, Mr. John Gyamfi noted that due to the level of investment and track record required in the business, it is unlikely that a Ghanaian company will be given the contract to print Ghana's currency in the near future.

“For these types of jobs, you need the companies with the proven track record. Unfortunately, the kind of investment you need to carry out these types of jobs is not present in the country at the moment. So, for now, such companies are not available in Ghana. I think in the foreseeable future we'll continue to rely on those foreign companies that have met all the international standards.”