By Solomon Opoku – Accra, Ghana, Friday, November 29, 2019.
The Ghanaian cedi symbolised by GH₵ is the unit of currency of Ghana. Cedi is the only current legal tender in Ghana. According to the Bank of Ghana, one cedi is divided into one hundred pesewas.
The Bank of Ghana (BoG) has launched new higher denomination Ghana cedi banknotes; GH¢100 and GH¢200 banknotes, National Telegraph has confirmed.
The decision of the Bank of Ghana to print higher cedi notes isn’t a problem but the outcomes on the country’s economy are what matter most, say financial analysts.
Considering the economic growth in Ghana, the majority of its citizens who contribute massively to such growth are into small scale businesses.
Buying into this idea; printing of higher cedis notes will only add up to the already existing economic crisis the country faces. It’s being argued that the Cedi is terribly weak in exchange rates.
There is the need for Bank of Ghana to sit and come out with better implement that will seek to battle the Dollar down which Will go a long way to save the economy rather than the printing of higher cedis notes.
Ernest Addison, Governor of the West African nation’s Central bank, said Tuesday, November 26, 2019, at Ghana’s Annual Banking Conference, that Ghana could issue a digital form of the nation’s currency, in the “near future”.
Ernest Addison continued the country is undergoing rapid digitization and has a burgeoning mobile banking sector driven by mobile phones, adding mobile money transfers increased by 70 percent from 2017 to 2018.