Have you ever wondered where Ghana’s local currency, the cedi, originated, or perhaps the type of machines, locations, and processes involved in printing cedi notes?
The Bank of Ghana has explained why the cedi is currently printed abroad rather than locally.
According to Dominic Owusu, Head of Currency at the Bank of Ghana, the country currently lacks the advanced technology and high-security infrastructure required to produce banknotes that meet international standards.
Speaking in an exclusive interview with GhanaWeb Business during the launch of Cedi@60, Owusu noted that outsourcing the printing of cedi notes overseas is a common practice across the continent, as only a few companies worldwide have the expertise needed for such specialised work.
“Currency printing is not only Ghana who prints its currency outside. I think in the world, I can count not more than 20 printers, so it means that every country, some countries, print,” he said.
He added that the Bank is working on long-term plans to build local capacity in collaboration with international partners.
“Even if you have a printing facility, you would still be importing all the raw materials. I can tell you for sure that Nigeria has a printing facility but they import a lot of their money. So, looking at where we are and the rate of technological advancement, you want to relax and then do very good contract obligations with the best printers in the world and print the best currency, which the Ghana cedi is also part of,” he stated.
Ghana is not the only African country that outsources its currency printing. Nations such as Nigeria, Kenya, and Tanzania also rely on external companies for the production of their banknotes.
Watch the interview below
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