The Bank of Ghana is introducing a new GH¢2 coin, and GH¢100 and GH¢200 banknotes denominations into circulation to complement the existing series to ensure customer convenience and bring about efficiency in the printing of currency to generate savings for the country.
According to the Governor of the Central Bank, Dr. Ernest Addison, these new higher value denominations will only restore partially the dollar value of the higher denomination GH¢200 to about US$40, not quite close to levels in 2007, but high enough to significantly reduce the deadweight burden and high transaction cost in making high-valued purchases in a cash-based economy like Ghana.
Governor of the Central Bank, Dr. Ernest Addison, launched the new notes and coin on Friday, November 29, 2019.
"The introduction of these high value notes should not be misinterpreted to mean a shift away from the Central Banks policy of pursuing a cashless society and promoting the use of electronic modes of payments. While vigorously pursuing financial inclusion by accelerating the migration to e-payment platforms, we are also mindful of the relevance of cash in our day-to-day dealings," Dr. Ernest Addison stated.
In May this year, the Bank of Ghana put into circulation, upgraded banknotes of the Ghana Cedi.
The rationale for upgrading the banknotes was primarily to enhance the security features of the banknotes in the context of an evolving technological landscape and to bring on board features that will secure the currency and make it difficult for counterfeiting.
In addition to enhancing the security features, the upgraded banknotes came with specific features to improve durability and enhance their machine readability. The upgrade exercise retained the design features of the existing series of banknotes and coins as introduced twelve years ago in 2007, in a redenomination exercise that sought to recalibrate the currency due to significant deadweight burden which was a legacy of long periods of high inflation and currency devaluation.
"In the coming days, the Bank of Ghana will embark on a nationwide campaign to educate the general public on the new denominations. I entreat every Ghanaian to study these new denominations carefully and be familiar with the main features to facilitate detection of fake currency notes. The need to properly handle our banknotes is still of significant importance and we must strive to keep them clean at all times in line with the Bank’s Clean Note Policy. In other words, ‘KNOW THE CEDI AND KEEP IT CLEAN (KCKC)," he added.
See attached full statement by Governor of the Central Bank, Dr. Ernest Addison.
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