Ken Ofori-Atta: Finance minister says over GHC50 million was used to print GHC100 and GHC200 notes

Ken Ofori-Atta: Finance minister says over GHC50 million was used to print GHC100 and GHC200 notes

- Ken Ofori-Atta, the Minister of Finance, has revealed the costs incurred in printing the GHC100 and GHC200 notes

- According to him $4.53 million was spent in printing the GHC100 notes and the GHC200 notes cost $4.45 million to print

- Out of the total cost of $8.98 million incurred, $5.39 million has been paid

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The Minister of Finance, Ken Ofori-Atta, has disclosed that a total of $8.98 million was used to print the new GHC100 and GHC200 notes currently in circulation.

Speaking on the floor of Parliament on Tuesday, March 17, 2020, Ofori-Atta explained that the amount is composed of two parts.

He stated that $4.53 million was spent in printing the GHC100 notes while $4.45 million was used in printing the GHC200 notes.

READ ALSO: Fresh reports show most debts by African countries are linked to commodities reports that he indicated the management of the currency is the responsibility of the Bank of Ghana.

He went on to say that $5.39 million out of the total sum of $8.98 million has been paid at the moment.

Ofori-Atta noted that further details about the deal would be captured in the Bank of Ghana’s financial statement for 2019, which is yet to be finalized.

A cross-section of Ghanaians expressed their displeasure at the release of the new notes.

Some of them claimed the act could transform Ghana into a Zimbabwe and others believed it was simply unnecessary to bring in the new notes.

The Central Bank, however, advised Ghanaians to use them as legal tender and they should be accepted anywhere.

It further explained that it went ahead to print and circulate the notes in order to deal with inflation.

It added that the move was to ensure customer convenience, as well as bring about efficiency in the printing of currency to generate savings for the country.

Meanwhile, commercial banks in Ghana ended the year 2019 with a cumulative profit after tax of GHC3.3 billion, has learned.

This represents a strong growth of 38% of the 2018 profit recorded, the Bank of Ghana (BoG) announced.

The central bank indicated that the increase in profit was a result of increases in both net interest income as well as fee and commission income surging past the increase in operating expenses.

READ ALSO: Gov't, financial institutions, give 172 companies GHC1.7 billion as 1D 1F fund

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