{"id":778665,"date":"2020-01-08T17:10:50","date_gmt":"2020-01-08T17:10:50","guid":{"rendered":"https:\/\/ghana-mma.com\/2020\/01\/08\/printing-cedi-notes-is-an-expensive-venture-for-ghana-bog\/"},"modified":"2020-01-08T17:10:50","modified_gmt":"2020-01-08T17:10:50","slug":"printing-cedi-notes-is-an-expensive-venture-for-ghana-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/01\/08\/printing-cedi-notes-is-an-expensive-venture-for-ghana-bog\/","title":{"rendered":"Printing cedi notes is an expensive venture for Ghana \u2013 BoG"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"floatLeft\">Business News of Wednesday,  8 January 2020<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>www.ghanaweb.com<\/p>\n<p>2020-01-08<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/11\/92489120.295.jpg\" alt=\"Bank of Ghana\" title=\"Bank of Ghana\" width=\"295\" height=\"226\" \/><span class=\"image_caption\"><span>Bank of Ghana<\/span><\/span><\/p>\n<\/div>\n<p style=\"clear:right\" id=\"article-123\">Head of Currency Processing Operations at the Bank of Ghana, Dominic Owusu, has stated that the constant upgrade of security features on the Cedi is one major reason it cannot be printed by the Central Bank.<\/p>\n<p>He added, expenses involved in getting sophisticated machines with such security features are costly.<\/p>\n<p>\u201cPrinting of banknotes is not just printing on a piece of paper. It goes much further than that. First of all, banknotes are made up of hundred percent cotton. You will need a budget to keep upgrading and introducing new machines with new security features.\u201d<\/p>\n<p>Another factor, he revealed, was that Ghana lacked the expertise and high-level of technology to engage in printing of new bank notes. <\/p>\n<p>\u201cWe don\u2019t have the capacity and it is a very expensive venture\u201d hence the Bank of Ghana will \u201ccontinue to leave that capital intensive, highly technologically advanced and sophisticated job to the experts for now\u201d. He stated in an interview<\/p>\n<p>Mr Dominic Owusu indicated that these upgrades are done by printers to go ahead of persons who deliberately attempt to imitate local currencies. <\/p>\n<p>According to him, such fraudulent acts are on the rise because perpetrators are technologically savvy.<\/p>\n<p>\u201cOnce you introduce a security feature, the counterfeiters try to get it. Therefore, the printers also try to stay ahead of them always by upgrading their machines.\u201d He stated.<\/p>\n<p>\u201cIf you buy these sophisticated printer machines, you should be ready for some of these important considerations. So, you can imagine what goes into it. You simply cannot keep pace and hence for now, it is better to leave it to the experts.\u201d<\/p>\n<p>\u201cSo, you need a lot of experience to be able to print banknotes and also make it difficult if not impossible to produce counterfeits and that is very important. Because of this and other stringent measures needed, there are only a few private printers which are internationally accredited by a number of certifications who are authorized or who most countries go to print.\u201d<\/p>\n<p>He assured that the BoG is working towards ensuring a solid trust in the Ghana cedi notes.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Wednesday, 8 January 2020 Source: www.ghanaweb.com 2020-01-08 Bank of Ghana Head of Currency Processing Operations at the Bank of Ghana, Dominic Owusu, has stated that the constant upgrade of security features on the Cedi is one major reason it cannot be printed by the Central Bank. He added, expenses involved in getting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":739125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-778665","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Printing cedi notes is an expensive venture for Ghana \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\/01\/08\/printing-cedi-notes-is-an-expensive-venture-for-ghana-bog\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Printing cedi notes is an expensive venture for Ghana \u2013 BoG - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business News of Wednesday, 8 January 2020 Source: www.ghanaweb.com 2020-01-08 Bank of Ghana Head of Currency Processing Operations at the Bank of Ghana, Dominic Owusu, has stated that the constant upgrade of security features on the Cedi is one major reason it cannot be printed by the Central Bank. 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