Bank of Ghana to introduce new GH¢100 and GH¢200 Banknotes

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of latest Ponzi schemes in Nigeria

These are the latest and past Ponzi scams and shady investment products that Nigerians are putting their monies into. What...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

The Bank of Ghana on Friday announced that Ghana would introduce two higher denominations of the local cedi currency to complement the existing series.

It said that the 100 Ghana cedis and 200 Ghana cedis denominations are to ensure customer convenience and bring about efficiency in the printing of currency to generate savings for the country.

Bank of Ghana to introduce new GH¢100 and GH¢200 Banknotes

Announcing the decision at a news conference, governor of the central bank Ernest Addison said the bank would also introduce a new two cedis coin in addition to existing coin categories of the currency.

- Advertisement -

He explained that the face value of the cedi had eroded over the past 12 years, compared with the U.S. dollar.

“When it was introduced 12 years ago, the value of the redenominated currency was 0.92 Ghana cedis to one US dollar.

“Twelve years after the redenomination exercise, sustained periods of high inflation and the perennial depreciation of the currency have eroded, in real terms, the face value of the series of the notes.’’

According to him, in 2019 alone, the cedi recorded a 10.4 per cent cumulative depreciation between January and September.

- Advertisement -
Bank of Ghana to introduce new GH¢100 and GH¢200 BanknotesBank of Ghana to introduce new GH¢100 and GH¢200 Banknotes

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read Also:  Ikeja Electric Decries Spate Of Vandalism In Igando

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Bank of Ghana to introduce new GH¢100 and GH¢200 BanknotesBank of Ghana to introduce new GH¢100 and GH¢200 Banknotes

Latest News

Nigeria H2’20 Outlook – The viral shock

The year 2020 has been a struggle. A global pandemic is in full swing and is poised to upend...

BUA Group to set up 3 million Metric-ton Cement Company, 50MW Power Plant in Adamawa

The Bua Group announced that it is set to establish a three million metric tonnes cement plant and 50 megawatts power plant in Guyuk...

Economic Slowdown – Quick Response But No Quick Fix (LBS Executive Breakfast Session – July 2020)

Nigerian manufacturers are mostly anxious about two things today: How long will the pandemic lockdown continue before demand for my products recover? (X) - Unknown When will...

Equities Market: Lagos Bourse Plunges by 1.98% amid Sell-Offs

In the just concluded week, the domestic equities market closed in red amid renewed selloffs as investors took profit on stocks such as GLAXOSMITH,...

Naira Gains Against USD at I&E FXW Despite Dwindling External Reserves

In the just concluded week, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.09% to close at...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Bank of Ghana to introduce new GH¢100 and GH¢200 BanknotesBank of Ghana to introduce new GH¢100 and GH¢200 Banknotes