Bank of Ghana (BoG) introduces new currency denominations into her economy. New Currency Denominations – GH¢100, GH¢200 and the GH¢2 coin have been injected into the country’s economy. Let us find out what this might mean for The Cedi (¢). The Central Bank of Ghana has just announced this news on their official Twitter page.
At exactly 12:02pm Nov 29, 2019, the Bank of Ghana announced through their official Twitter page that they will be adding new higher-denomination banknotes and coins into circulation. These are the GH¢100, GH¢200 banknotes, and the GH¢2 coins. See brand new currencies at the end of this article.
Governor of Bank of Ghana, Dr. Ernest Addison, notes that the revamping and upgrade of all existing and new currencies have been on for a while. Back in May 2019, the Bank of Ghana circulated upgraded banknotes of the existing Ghana Cedi. The introduction of the new notes are a step in the right direction to revamp the transactional value of The Cedi.
As Bank of Ghana Introduces New Currency Denominations into the country’s economy, we are able to deduce the following benefits;
- Prevent counterfeiting
- Ease the cash burden of high transaction volumes
- Increase durability
- Optimize (counting) machine readability
- Improve face value of The Cedi
- Consumer convenience
- Cost of printing smaller denominations decreases
- Cost of transporting banknotes decreases
- Facilities can now store banknotes of more value
Governor, BoG also noted that, even as the Bank of Ghana Introduces New Currency Denominations, this move must not be misinterpreted to mean a shift away from actualizing a cashless economy and promotion of electronic modes of payments. However, it is inevitable to not have cash as part of Ghanaians’ day-to-day lives. A nationwide campaign will be scheduled to sensitize Ghanaians about the new security and durability measures that come with the new currency. Please read-up the Governor’s speech here.
Therefore, ladies and gentlemen, we introduce to you, new currency denominations of The Cedi!