Governor of the Central Bank of Ghana, Dr. Ernest Addison at a press conference in Accra City on Friday morning announced the introduction of new GH¢100, GH¢200 notes and GH¢2 coin in the country’s currency denomination.
Expatiating the rationale for the development, the governor said he believes the new currency will help shore up the value of US dollar which has eroded the cedi for over past 12 years and will help sustained high inflation and depreciation.
This exercise is aimed to eliminate four zeros from the existing units of currencies in an attempt to introduce efficiency in the economy and removes the dead-weight burden associated with transactions.
At the time of the redenomination, the GH¢1 was equivalent to US$1, the highest denomination then was the GH¢50 which was equivalent to the GH¢50.
Writer: Kelly Pinako (CEO KP Promotions)
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