Dr Ernest Addison<\/strong><\/p>\nTHE BANK of
\nGhana (BoG) has assured that the introduction of two new denominations \u2012 GH\u00a2100 and GH\u00a2200 \u2012 which it says are high value Ghana cedi
\nbanknotes will not fuel inflation.<\/p>\n
BoG\u2019s
\nDirector of Research, Philip Abradu-Otoo said the central bank would do
\neverything possible to ensure that the new denominations are in limited
\nquantities.<\/p>\n
Speaking at
\na capacity building workshop in Koforidua for journalists, Mr Abradu-Otoo noted
\nthat the central bank would not pour all the new notes into the system to add
\nonto the existing stock of money to create inflationary pressures.<\/p>\n
According
\nto Abradu-Otoo, BoG, being guided by the simple adage, \u2018Too much money in the
\neconomy causes inflation\u2019, \u201cwill put in the currencies in a very limited
\nquantity.\u201d<\/p>\n
He
\nexplained that the limited quantities meant that the new notes would only be
\nissued to replace those that are earmarked for destruction by the currency
\ndepartment of BoG.<\/p>\n
\u201cBy so
\ndoing, the stock of money in the system will be kept constant to ensure that it
\ndoes not add onto inflation in the economy,\u201d he explained, stressing: \u201cI am
\nvery confident that the issue of inflation arising out of the introduction of
\nthe currencies will be muted on the economy.\u201d<\/p>\n
New notes?<\/strong><\/p>\nThe BoG
\nDirector of Research stated that the central bank did not just spring the new
\ncurrency on the public and indicated that the process started sometime in March
\n2017, when the BoG decided to relook at the currency management process and
\nalso to assess whether it was time for the currency series to be looked at.<\/p>\n
\u201cIf you
\nlook at jurisdictions all over the world, the time frame of five to 10 years is
\nalways a period where countries re-assess their currencies to see whether they
\nneed to bring onboard new and higher denominations to facilitate economic
\ntransactions,\u201d Mr Abradu-Otoo stated.<\/p>\n
He said as
\nthe economy grew and as transaction values grew, there was always the need to
\nhave high denominational currencies to support transactions.<\/p>\n
He disclosed
\nthat the central bank carried out a research in the early part of March 2017,
\nat market places across the country to assess from the economic agents which of
\nthe currency notes help facilitate their business.<\/p>\n
He
\nindicated that the bank arrived at a conclusion that about 70 per cent of the
\ncountry\u2019s population rely on cash for their transactions.<\/p>\n
\u201cAlthough,
\nthere is an effort to move us towards electronic banking, cash is still supreme
\nand cash still reigns,\u201d he pointed out.<\/p>\n
He explained that the bank realized that the economy was also moving gradually to that \u2018dead-weight-burden stage\u2019 \u2013 a point where high valued transactions are conducted with people taking high amount of currencies at the counter of banks.<\/p>\n
From Ernest Kofi Adu, Koforidua<\/strong> <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"Dr Ernest Addison THE BANK of Ghana (BoG) has assured that the introduction of two new denominations \u2012 GH\u00a2100 and GH\u00a2200 \u2012 which it says are high value Ghana cedi banknotes will not fuel inflation. BoG\u2019s Director of Research, Philip Abradu-Otoo said the central bank would do everything possible to ensure that the new denominations […]<\/p>\n","protected":false},"author":1,"featured_media":701649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-756549","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
New Notes Will Not Fuel Inflation \u2013 BOG - 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\/12\/02\/new-notes-will-not-fuel-inflation-bog\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Notes Will Not Fuel Inflation \u2013 BOG - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr Ernest Addison THE BANK of Ghana (BoG) has assured that the introduction of two new denominations \u2012 GH\u00a2100 and GH\u00a2200 \u2012 which it says are high value Ghana cedi banknotes will not fuel inflation. BoG\u2019s Director of Research, Philip Abradu-Otoo said the central bank would do everything possible to ensure that the new denominations […]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/08\/Dr-Ernest-Addison_DailyGudeNetwork.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"headline\":\"New Notes Will Not Fuel Inflation \u2013 BOG\",\"datePublished\":\"2019-12-02T18:21:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/\"},\"wordCount\":464,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/Dr-Ernest-Addison_DailyGudeNetwork.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/\",\"name\":\"New Notes Will Not Fuel Inflation \u2013 BOG - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/Dr-Ernest-Addison_DailyGudeNetwork.jpg\",\"datePublished\":\"2019-12-02T18:21:27+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/12\\\/02\\\/new-notes-will-not-fuel-inflation-bog\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/Dr-Ernest-Addison_DailyGudeNetwork.jpg\",\"contentUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/Dr-Ernest-Addison_DailyGudeNetwork.jpg\",\"width\":620,\"height\":440},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New Notes Will Not Fuel Inflation \u2013 BOG - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/","twitter_card":"summary_large_image","twitter_title":"New Notes Will Not Fuel Inflation \u2013 BOG - Ghanamma.com","twitter_description":"Dr Ernest Addison THE BANK of Ghana (BoG) has assured that the introduction of two new denominations \u2012 GH\u00a2100 and GH\u00a2200 \u2012 which it says are high value Ghana cedi banknotes will not fuel inflation. BoG\u2019s Director of Research, Philip Abradu-Otoo said the central bank would do everything possible to ensure that the new denominations […]","twitter_image":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/08\/Dr-Ernest-Addison_DailyGudeNetwork.jpg","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Written by":"Ghana News","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/"},"author":{"name":"Ghana News","@id":"https:\/\/www.ghanamma.com\/2019\/#\/schema\/person\/53d06a757a4242f113d200e3c290c036"},"headline":"New Notes Will Not Fuel Inflation \u2013 BOG","datePublished":"2019-12-02T18:21:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/"},"wordCount":464,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/08\/Dr-Ernest-Addison_DailyGudeNetwork.jpg","articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/","url":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/","name":"New Notes Will Not Fuel Inflation \u2013 BOG - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2019\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/08\/Dr-Ernest-Addison_DailyGudeNetwork.jpg","datePublished":"2019-12-02T18:21:27+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2019\/#\/schema\/person\/53d06a757a4242f113d200e3c290c036"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2019\/12\/02\/new-notes-will-not-fuel-inflation-bog\/#primaryimage","url":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/08\/Dr-Ernest-Addison_DailyGudeNetwork.jpg","contentUrl":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/08\/Dr-Ernest-Addison_DailyGudeNetwork.jpg","width":620,"height":440},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2019\/#website","url":"https:\/\/www.ghanamma.com\/2019\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2019\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2019\/#\/schema\/person\/53d06a757a4242f113d200e3c290c036","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"}}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/posts\/756549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/comments?post=756549"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/posts\/756549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/media\/701649"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/media?parent=756549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/categories?post=756549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/tags?post=756549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}