Reasons why the Bank of Ghana introduced new currencies GH¢2 coin, GH¢100 and GH¢200 banknotes.

The governor of the bank of Ghana(BoG), Dr Ernest Addison has explained the reasons why BoG has introduced the new Ghana cedis notes, GH₵100 and GH₵200 and the introduction of the new GH₵2 coins as well.

He stated that this is to ensure customer convenience and bring about efficiency in the printing of the currency to generate savings for the country.

He also added that, this is to facilitate economic transactions by reducing the burden associated with carrying large volumes of cash.

Addressing the press briefing in Accra, Mr Addison disclosed that new coin and notes were decided upon after taking a critical review of the structure, acceptability and use of individual currency which begun in March 2017.

“Today, in line with the results of , the Bank of Ghana is introducing a new GH₵2 coin, 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,” Dr Addison said.

“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 deadwieght burden and high transaction cost in making high valued purchases in a cash-based economy like Ghana”.

He urges Ghanaians not to misinterpret the introduction of high valued notes as a shift away from the central Bank’s policy of pursuing a cashless society and encouraging 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. Undeniably, cash still remains the preferred medium of payment by the large informal sector in the country,” Dr Addison stressed.

Read Dr. Addison’s entire address below;