- A text message from GT Bank to thousands of its customers across the country has caused a massive stir
- The bank said from August 31, 2022, it will no longer accept the 20 and 50 paper notes
- While it is not clear if the the bank is talking about cedi notes, experts have told YEN.com.gh that the bank may most likely be referring to the £20 and £50 paper notes that is going out of circulation from September 2022
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One of the popular commercial banks in Ghana, Guaranty Trust Bank (Limited) Ghana has caused a stir on social media with a text message that it will no longer accept 20 and 50 paper notes.
The text message to customers on August 9, 2022, read:
"Dear Customer, Effective August 31, 2022, the Bank will no longer accept the 20 and 50 paper notes.”
The message has left many Ghanaians confused since the Bank of Ghana has not released any statement or given any indication about problems with its 20 and 50 cedis notes.
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YEN.com.gh’s efforts to reach the bank for clarification has been unsuccessful. The Bank of Ghana has also declined comment.
Meanwhile, banking experts have told YEN.com.gh that the messages may be referring to the £20 and £50 paper notes.
The Bank of England is set to withdraw the British legal tender status of the paper £20 and £50 notes from September 30, 2022. In their stead, the polymer notes been issued.
Many international commercial banks like GT Bank have been informing their customers.
Below are a few of the reactions on Twitter from a section of the Ghanaians to the GT Bank Ghana text messages:
Ofori-Atta Begs International Lender To Double Support From $1.5 Billion To $3 Billion
YEN.com.gh has reported in a separate story that the finance minister has increased the amount he is requesting from the International Monetary Fund (IMF) for balance of payment support for Ghana from almost $1.5 billion to $3 billion.
According to Bloomberg, its sources at the Finance Ministry said the increased bailout fund is part of moves by minister Ken Ofori-Atta to brace weak financial standing and give global market investors confidence.
In a report filed on Monday, August 8, 2022, Bloomberg said the years for repayment of the bailout amount would also increase from two to three years.
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