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Do not rush for new notes and coins
Governor
Accra, July 3, GNA Dr. Paul Acquah, Governor of the Bank
of Ghana, on Tuesday applauded the smooth introduction of
the Ghana Cedi (rpt Ghana Cedi) and urged banks to ensure
that the process of re-denomination was carried out in all
parts of the country.
He urged the public not to rush to exchange old notes for
new ones, since they had until December to get the new notes
and coins.
The Governor said the new currency had been well distributed
across the country and there was no need to worry about
having an old note or a new one.
In a symbolic exchange of old notes for new ones at the
banking hall of the Central Bank, the Governor was visibly
surprised at the small amount of cash he was holding for the
large one he gave to the teller.
He urged customers of banks not to rush to change their
cheque books since they could use the old cheque books and
sign them stating figures in the old currency.
The bank officials would then cash your cheque giving you
the value in the new currency and the new currency itself.
Dr Ben Amoah, Monitoring Policy Analysis and Financial Unit
of the Bank of Ghana (BOG), was also elated.
A long queue was formed at the Bank of Ghana of anxious
people who wanted to change their old notes for the new
currency and be among the first persons to hold the new
notes and coins.
The Central Bank decided last December to re-denominate the
cedi, citing huge transaction costs, heavy burden of
carrying the money around, technical deficiencies of
accounting procedures and security.
GNA
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