{"id":777470,"date":"2020-01-06T16:02:12","date_gmt":"2020-01-06T16:02:12","guid":{"rendered":"https:\/\/ghana-mma.com\/2020\/01\/06\/bog-justifies-release-of-higher-cedi-notes\/"},"modified":"2020-01-06T16:02:12","modified_gmt":"2020-01-06T16:02:12","slug":"bog-justifies-release-of-higher-cedi-notes","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/01\/06\/bog-justifies-release-of-higher-cedi-notes\/","title":{"rendered":"BoG Justifies Release Of Higher Cedi Notes"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Dr Ernest Addison<\/strong><\/p>\n<p>The Bank of<br \/>\nGhana (BoG) has indicated that the introduction of new denominations was the<br \/>\nresult of a well-thought out currency reform programme. <\/p>\n<p>In a<br \/>\nrelease issued recently, it averred: \u201cTwelve years after the redenomination of<br \/>\nthe cedi, high inflation and depreciation of the currency have eroded, in real<br \/>\nterms, the face value of the existing series of banknotes. The deadweight<br \/>\nburden of carrying large sums of money for economic transactions was returning,<br \/>\nwith the phenomenon of carrying currency in plastic bags. <\/p>\n<p>\u201cAs is the<br \/>\nnormal practice in all jurisdictions, central banks undertake periodic reviews<br \/>\nof the structure of existing currencies. In fact international best practices<br \/>\nrequire monetary authorities to review their currency regimes at intervals<br \/>\nbetween five and 10 years to firstly ensure that demand for banknotes were well<br \/>\naligned with economic activity; address weaknesses and challenges noted in the<br \/>\nmanagement of notes and coins in circulation; assess the non-usage of a<br \/>\nparticular series to ensure efficiency in printing, and also address<br \/>\ntechnological innovations that improved security features of the currencies.\u201d <\/p>\n<p>The central<br \/>\nbank continued that furthermore, the denomination structure of the banknote<br \/>\nshould align well with the needs of the people who used it for their daily<br \/>\ntransactions. <\/p>\n<p>The BoG<br \/>\nsaid it began the process of a thorough review of the structure of the currency<br \/>\nsince 2017, including a note\/coin boundary, acceptability and use of the<br \/>\nindividual currency series. The review exercise involved a nationwide survey<br \/>\nwith market operatives, businesses and international stakeholders as well as<br \/>\nsome empirical exercises. <\/p>\n<p>\u201cThe<br \/>\noutcome of the review process indicated a significant increase in the demand<br \/>\nfor higher denomination banknote. It also came out clearly that the existing<br \/>\nhigh denominations of GH\u00a250 and GH\u00a220 accounted for about 70% of the value of<br \/>\ncurrency stock compared to 27% at the time of redenomination. At the same time,<br \/>\nthe volume of banknotes had increased significantly, putting pressure on<br \/>\ncurrency processing facilities, storage and logistics. <\/p>\n<p>\u201cA<br \/>\nresetting of the denominational mix of the currencies improves the currency<br \/>\nmanagement and reduces costs. In line with the objective of efficiency and cost<br \/>\neffectiveness, the BoG introduced a new two Ghana Cedis coin, GH\u00a2100 and GH\u00a2200<br \/>\nbanknotes denominations into circulation to complement the existing series.<br \/>\nThis will ensure customer convenience, improve efficiency in high value transactions<br \/>\nin cash, reduce cost of printing as well as enhance currency management<br \/>\nprocessing, transporting, and storing banknotes to generate savings for the<br \/>\ncountry, and address the significant shift in the coin\/note boundary after the<br \/>\nredenomination in 2007.\u201d <\/p>\n<p>It added<br \/>\nthat these were technical decisions taken by the central bank as part of its<br \/>\nmandate. <\/p>\n<p>The BoG would want to clarify that although the Government of Ghana is committed to do all it can to join the West African common currency arrangement, there are many unresolved issues regarding the common currency, which would take time to resolve. The BoG will be working with ECOWAS central banks to ensure that any currency arrangement will be viable and sustainable.<\/p>\n<p> <strong>BY Samuel Boadi <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr Ernest Addison The Bank of Ghana (BoG) has indicated that the introduction of new denominations was the result of a well-thought out currency reform programme. In a release issued recently, it averred: \u201cTwelve years after the redenomination of the cedi, high inflation and depreciation of the currency have eroded, in real terms, the face [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":704178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-777470","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG Justifies Release Of Higher Cedi Notes - 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\/01\/06\/bog-justifies-release-of-higher-cedi-notes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BoG Justifies Release Of Higher Cedi Notes - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr Ernest Addison The Bank of Ghana (BoG) has indicated that the introduction of new denominations was the result of a well-thought out currency reform programme. 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