Explainer: BoG introduced new GH¢100, GH¢200 and GH¢2 coins because of depreciation

Explainer: BoG introduced new GH¢100, GH¢200 and GH¢2 coins because of depreciation

The Governor of the Central Bank, Dr. Ernest Addison on Friday, November 29, 2019 introduced new GH¢100, GH¢200 and GH¢2 coins, into circulation.

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Ghanaians on the other hand, received the news with mixed reactions, with majority describing the BoG’s decision as irrational one.

But the central bank governor explained that, the introduction of the new notes will shore up the value of the Ghana Cedi.

READ ALSO: Ghanaians fume as BoG introduces new GHC100 and GHC200 notes

Dr. Addison also told the media at the press briefing in Accra, the circulation of the new notes is to ensure customer convenience, as well as bring about efficiency in the printing of currency to generate savings for the country.

The governor further noted that the introduction of the GHC2 coin is also to preserve the pit life span of the currency. He opined that the GHC2 notes easily gets destroyed.

We have to re-print the GH¢2 note after every seven months. But the coins can last for about 15 years.”

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Lastly, the central bank said there was a significant increase in the demand for higher denomination banknote. They is also the issue of increased cost of printing.

Ghana last issued new notes on July 1, 2007, replacing the Cedi (¢) with the Ghana Cedi (GH¢).

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Ten thousand Cedis became equivalent to one Ghana Cedi in a re-denomination exercise with the tag line “there is no change in value, the value is the same.”

The central bank explained the removal of the zeros was in part to help in easy accounting and statistical record keeping.

YEN.com.gh earlier reprted that former president John Dramani Mahama has joined the public to condemn the National Security operatives who stormed the offices of local IT firm, SoftTribe Limited on Wednesday, November 26, 2019.

News broke that security operatives raided the offices of the I.T company to seize mobile phones of SoftTribe’s staff, all in the name of investigating the company for allegedly keeping data belonging to the Ghana Water Company Limited.

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READ ALSO: 6 out of 10 Ghanaians say Akufo-Addo is leading Ghana astray

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Source: Yen.com.gh

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