Typical News of Sunday, 5 January 2020
Dr. Ernest Addison, Lavatory Governor
The Lender of Ghana has mentioned that the introduction of the new greater denomination banknotes it issued a short while ago was the outcome of a properly-believed-out currency restructuring programme.
This follows claims by former President John Dramani Mahama that it did not adhere to good method in introducing the new notes to the country’s currency blend.
The previous President who was talking at the 38th Anniversary celebration of the 31st December Revolution at Winneba, in the Central Area, explained, “We say we are going in direction of a cashless economy, we say that you can not crystal clear GHS5,000 off the counter simply because we want people today to use fewer hard cash in transactions and then at the same time you go and print GHS100 notes and GHS200 notes. You can’t realize what rationale in hell would make any authorities wondering logically do something like that. You want to make it less complicated for folks to have huge sums of money when we say we are constructing a cashless society.”
But in a assertion issued on Saturday, January 4, 2020, the Financial institution of Ghana justified the introduction stating that, the obstacle of carrying significant sums of dollars for financial transactions was returning and therefore it experienced to assessment the construction of current currencies.
“The Bank of Ghana went as a result of its normal procedures to introduce the new denominations with integrity as it is to be expected. The functions of the new notes have been unveiled at the start. This is to steer clear of counterfeiters and other troubles affiliated with the issuance,” the assertion famous.
“Twelve (12) decades following the redenomination of the cedi, large inflation and depreciation of the forex have eroded, in authentic terms, the face price of the existing series of banknotes. The deadweight load of carrying large sums of dollars for financial transactions was returning, with the phenomenon of carrying currency in plastic baggage. As is the usual follow in all jurisdictions, Central Banks undertake periodic testimonials of the structure of present currencies,” it even further noted.
It also reacted to a comment by the previous President that the introduction of the new notes was carried out on the blind aspect of Ghanaians, saying that it had embarked on various sensitization programmes to educate the general public.
“Immediately immediately after the launch, the Financial institution embarked on intense public training which is even now ongoing to make certain the helpful dissemination and use of the new coin and banknotes. As opposed to a key forex reform work out this sort of as the redenomination training (a total replacement of notes), which needed many months of general public instruction, this new denominations have been a simple training, sustaining the principal characteristics of current notes, complementing instead than replacing present notes and included a gradual easing of the new denominations into circulation. Without a doubt, only a limited amount was place in circulation in the very first thirty day period of the launch,” the statement famous.
The Central Financial institution in November 2019 introduced GH¢100 and GH¢200 notes as nicely as a GH¢2 coin as additions to the country’s forex denomination combine.
This was introduced by the Governor of the Central Bank, Dr. Ernest Addison at a push convention in Accra.
Whereas some Ghanaians have praised the central bank for the new cedi notes, many others have also taken on the Bog in excess of the new currency notes describing it as needless.