{"id":755320,"date":"2019-11-30T07:49:45","date_gmt":"2019-11-30T07:49:45","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/30\/bog-launches-new-cash-gh%c2%a2200-100-2-cedi-coin\/"},"modified":"2019-11-30T07:49:45","modified_gmt":"2019-11-30T07:49:45","slug":"bog-launches-new-cash-gh%c2%a2200-100-2-cedi-coin","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/30\/bog-launches-new-cash-gh%c2%a2200-100-2-cedi-coin\/","title":{"rendered":"BoG Launches New Cash GH\u00a2200, 100, 2 Cedi Coin"},"content":{"rendered":"

<\/p>\n

\n

The
\nBank of Ghana (BoG) yesterday introduced two new denominations \u2012<\/p>\n

GH\u00a2
\n100 and GH\u00a2 200 \u2012 which it says are high value Ghana cedi banknotes.<\/p>\n

The
\nCentral Bank also introduced a new GH\u00a22 coin.<\/p>\n

Why The New Notes?<\/strong><\/p>\n

The
\nGovernor of Bank of Ghana, Dr. Ernest Addison, unveiled the notes and coin,
\ngiving detailed reasons for their introduction.<\/p>\n

According
\nto the Central Bank, high levels of inflation currency depreciation in the past
\nhave eroded some of the gains from redenomination.<\/p>\n

It
\nsaid the deadweight burden \u2012 reflected in high
\ntransaction cost \u2012 has re-emerged
\nand added that the set of higher denominations is expected to address the
\nincreased transaction cost, especially in high-valued transactions in a cash-based
\neconomy like Ghana.<\/p>\n

The
\nBoG added that the structure of the banknotes denomination has changed,
\nresulting in a shift in demand for higher denominations (GH\u00a250 and GH\u00a2 20
\naccount for about 70% of the total demand), reflecting the expansion in income
\nand prices.<\/p>\n

\u201cThe
\nintroduction of the higher value denominations in circulation are therefore
\nnecessary to ensure customer convenience, reduction in the costs of printing
\nand other currency management processes,\u201d the BoG stated.<\/p>\n

Transaction Cost<\/strong><\/p>\n

According
\nto the BoG, ensuring customer convenience, reducing high transaction cost,
\nefficiency in high-value transactions in cash, reduction of cost of printing,
\nas well as currency management, including processing, transporting and storing
\nbanknotes, are some of the benefits that come with the introduction of the new
\nnotes.<\/p>\n

Inflation Issues<\/strong><\/p>\n

The
\nBoG indicated that the introduction of the new notes would not lead to higher
\ninflation, and said the higher denomination was introduced to only ease high
\ntransaction volumes.<\/p>\n

\u201cThese
\nnotes will only replace some of the large cash transactions done with the
\nexisting GH\u00a250 and GH\u00a220 banknotes,\u201d it explained, adding that
\n\u201cagain, the value of currency depends on what you buy with it, rather than
\nwhat the face value is.\u201d<\/p>\n

Transaction Note<\/strong><\/p>\n

According
\nto the Central Bank, the GH\u00a2100 would complement the existing high denomination
\nbanknotes to ease high value transaction, but the GH\u00a2200 banknote would be
\nintroduced gradually into circulation and would be in limited quantities.<\/p>\n

GH\u00a22 Coins<\/strong><\/p>\n

The
\nBoG said it intends to gradually replace its lower banknotes denominations with
\ncoins to reduce its costs of printing.<\/p>\n

It
\nalso said it would also embark on a vigorous campaign among road transport
\nworkers, market operators, small businesses, supermarkets, vendors and others
\nto create avenues for the usage of the coins, including developing
\ninfrastructure for coin usage.<\/p>\n

\u201cThere will be a nationwide educational campaign focused on the security features, proper handling of banknotes and promote usage of coins,\u201d the BoG stated.<\/p>\n

BY Melvin Tarlue<\/strong> <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The Bank of Ghana (BoG) yesterday introduced two new denominations \u2012 GH\u00a2 100 and GH\u00a2 200 \u2012 which it says are high value Ghana cedi banknotes. The Central Bank also introduced a new GH\u00a22 coin. Why The New Notes? The Governor of Bank of Ghana, Dr. Ernest Addison, unveiled the notes and coin, giving detailed […]<\/p>\n","protected":false},"author":1,"featured_media":754796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-755320","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nBoG Launches New Cash GH\u00a2200, 100, 2 Cedi Coin - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/11\/30\/bog-launches-new-cash-gh\u00a2200-100-2-cedi-coin\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BoG Launches New Cash GH\u00a2200, 100, 2 Cedi Coin - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The Bank of Ghana (BoG) yesterday introduced two new denominations \u2012 GH\u00a2 100 and GH\u00a2 200 \u2012 which it says are high value Ghana cedi banknotes. The Central Bank also introduced a new GH\u00a22 coin. Why The New Notes? 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