Events

Recruitment of hundreds of youth to USA start in Tema

 

Bank Exchange Rate, November 21, 2006

 

2007 Budget Highlights

 

GDP rises to 6.2 per cent

 

An evening of honor for H. E. Ellen Johnson Sirleaf and the Africa Prize

 

When Grandpa turned 70 (Yaw's story)

 

Ghana Wesley Methodist Church, USA, mourns with the Asafu-Adjayes

 

2006 Ghanaian Women's Courage Awards (Canada)

 

Ovation for Secretary General Annan

Ghanadot.com

 

Pictures of the Asantehene's visit to Morocco

Ambassador Fritz Poku Retires
ThisWeekGhana:

 

 

News Page
In This Issue...Links to the NewsMarch 11, 2016

GHANAIAN CEDI TO BE RE-DENOMINATED IN JULY 2007

Accra, Nov 29, Ghanadot.com - Ghana's Central Bank says it would introduce redenominated Cedi notes next year July as part of efforts to ease what Bank of Ghana (BoG)says is "deadweight burden" such as high transaction costs and the general high risk of carrying huge sums for transactional purposes.

The new note regime will set the new currency numeraire at 10,000=GHC1=100Gp.The external value of the Cedi will continue to be determined freely on the market.

The BoG said increasing difficulties in maintaining bookkeeping and statistical records and ensuring compatibility with data processing software, and strain on payment systems particularly ATM's as some of the other major reasons for the redenomination.

Mr Dorsoo said the redenomination has become desirable because over the past five years, macroeconomic stability had taken root; inflation was falling; interest rates are also falling while the local currency has become stable as its role as a store of value has been restored.

It has also become important because purchases require bundleof notes and forlarge volumes transactions, values run into trillions, overtasking accounting systems.

Mr Van Lare Dorsoo, Second Deputy Governor of the Bank of Ghana told journalists in Accra that the name of the new currency will be Ghana Cedi with the sub-unit been the Ghana Pesewa. (Gp) The series of notes would be as follows: GHC 1,GHC 5, GHC 10, GHC 20 and GHC 50 whilethe coins are 1Gp, 5Gp, 10Gp, 20Gp, 50Gp and GHC1.

On the internatioinal side, Mr Dorsoo said currently 1,000,000 at the exchange rate of $1=C9200 will yield $ 108.7. With the re-denomination, C1,000,000=GHC100 which will also yield $ 108.7.

Mr Ernest Addisson, Head of Research of BoG indicated that the old Cedi notes and coins would be withdrawn from circlulation starting from July 2007 over a period of at least six months.

"This starting date has been c hosen to allow for familiarization before the cocoa season begins in October 2007," Mr Dorsoo stressed , adding that, "both the old and new bank notes and coins would be in physical circulation over six months."

The new notes will have the same external value.

Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning described the exercise as a process to make life more easier for business operators, saying it was a natural sequence to cut some zeros off our notes.

Dr Paul Acquah, Governor of Bank of Ghana, announced the decision last week Saturday.

Ms Catherine Ashley, Head of Issue at the Central Bank said adequate educational programmes are been designed and would run over the six months period.

Ghanadot.com



 

Google
 
Web www.ghanadot.com

 


Archived :: October 2006

 


Archived :: September 2006




Archived :: August 2006

 

Low ore hits Obuasi Mine

Ghanadot: The Management of AngloGold Ashanti (AGA) says it is facing severe production cost challenges operating its Obuasi mine, quoting current low ore grades as a dampener to making the mine break even, a situation which already has seen 556 workers heading home this year...
......More

 

Whistle Blowers Bill would add impetus to accountability - Baah-Wiredu

GNA – Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning, on Wednesday said the passage of the Whistle Blowers Bill and the establishment of a Financial Administration Tribunal to deal with financial indiscipline would add more impetus to accountability and improve the work of auditors..
....More

 

Ghana to benefit form 3.8 trillion cedis debt relief next year

GNA – Nana Addo Dankwa Akufo-Addo, Minister of Foreign Affairs, on Tuesday said 3.8 trillion cedis would accrue to Ghana as debt relief in 2007.
.
...More

 

Parliament approves 51 million dollars for sectoral activities

Accra, Nov. 29, GNA - Parliament on Wednesday approved a loan agreement totalling 51 million dollars between the Government and some local banks for various projects including the National Identification Programme.......More

  ABC, Australia
FOXNews.com
The EastAfrican, Kenya
African News Dimensions
Chicago Sun Times
The Economist
Reuters World
CNN.com - World News
All Africa Newswire
Google News
The Guardian, UK
Africa Daily
IRIN Africa
The UN News
Daily Telegraph, UK
Daily Nation, East Africa
BBC Africa News, UK
Legal Brief Africa
The Washington Post
BusinessInAfrica
Mail & Guardian, S. Africa
The Washington Times
ProfileAfrica.com
Voice of America
CBSnews.com
New York Times
Vanguard, Nigeria
Christian Science Monitor
News24.com
Yahoo/Agence France Presse
 
  SPONSORSHIP AD HERE  
 
    Announcements
Debate
Commentary
Ghanaian Papers
Health
Market Place
News
Official Sites
Pan-African Page
Personalities
Reviews
Social Scene
Sports
 
    Currency Converter
Educational Opportunities
Job Opening
FYI
 
 

ThisWeekGhana.comis now
GhanaDot.com
 

Remember to spell the D-O-T
before the dot com

 
Send This Page To A Friend:

The Profile Africa Media Group