Bank Of Ghana Directs Public From Using Cedi Notes For Bouquets And Hampers

• The Bank of Ghana has warned against the use of cedi banknotes for gift bouquets and hampers with immediate effect
• The central bank's Dominic Owusu explained on March 30, 2023, that when cedi notes are folded in bouquets and hampers they deface, compelling the central bank to spend huge funds to replace them
• He said the use of cedi notes for bouquets and hampers flouts existing policy on Ghana's legal tender

Ghana's central bank has banned the use of cedi banknotes as bouquets and hampers, which is popular now among the public as gifts on birthdays and other occasions.

The Bank of Ghana explained that the use of the high and low-denomination banknotes for "money bouquets" or "money hampers" as they are called, locally spoil or deface the cedi notes.

Dominic Owusu, BoG director of currency, told the media that the ban on "money bouquets" takes effect immediately.

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"Desist from such acts, it is not in line with the policy, so you must stop it. If you want to give a present, go and buy gifts," he told journalists on Thursday, March 30, 2023.

He said the use of cedi notes for gift bouquets and hampers flouts existing policy on Ghana's legal tender.

He explained further that the defaced cedi banknotes are replaced at a high cost.

He said the high cost affects the operations of the central bank.

Cedi stabilises against US dollar

Meanwhile, YEN.com.gh reported in a separate story that the Ghana cedi has been doing well against the US dollar and other major trading currencies since last week.

The stability of the Ghana cedi coincided with the announcement that the US vice president Kamala Harris was visiting Ghana briefly. While she was in Ghana, the cedi maintained its momentum.

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Available rates show that the cedi has been selling for around GH¢11 to $1 most of March on the interbank market, although there has been some negligible upsurge.

Every Ghanaian now owes GH¢17,445 as Ghana’s public debt hits GH¢575.7 billion

Also, Ghana's public debt has reached GH¢575.7 billion as of November 2022, representing 93.5% of GDP.

The new public debt figures published by the Bank of Ghana on Monday, January 30, 2023, mean that every Ghanaian citizen owes GH¢17,445.

The public debt figures also show that external debts have reached GH¢382.7 billion, representing 62.1% of GDP.

Source: YEN.com.gh