The Ghanaian government has taken further steps to stem inflation, and also bring its monetary policy in line with fiscal policy by the introduction of new bank notes into the system. The new bank notes according to the Bank of Ghana will be introduced into the system by next week.
The denominations introduced are the GH¢100 and the GH¢200 notes which will be infused into the country’s currency denomination mix. Equally introduced is the GH¢2 coins. According to the Governor of the Bank of Ghana, Dr. Ernest Addison, the apex bank is taking the decision of introducing the new notes to complement the existing series to ensure customer convenience and bring about efficiency in the printing of currency to generate savings for the country.
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He added that these new higher value denominations will only restore partially the dollar value of the higher denomination GH¢200 to about US$40, not quite close to levels in 2007, but high enough to significantly reduce the deadweight burden and high transaction cost in making high-value purchases in a cash-based economy like Ghana.
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Speaking on the development, the Deputy Governor of the Bank Dr Maxwell Opoku Afari said that the systems are being calibrated and the banks will start getting these species moved to their various branches starting from next week Monday. He added that it will be demand-based as to how many people want to demand that because it is mostly going to store value and also for high-value transactions.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry