Banks Face Shortage of Cedi Notes

ACCRA, Ghana (PANA) - Ghana's banking system has been hit by shortage of cedi notes forcing some banks to serve customers with coins in some cases.

It is a "take it or leave it" affair as the banks grapple with the situation.

Contrary to the central bank's denial of shortage of notes, an official of the Standard Chartered Bank Friday insisted that the shortage is real.

"Yes, there are no notes. Even though the central bank claims there is enough money to go round, the reality is that they will tell you 'there is no money,'" the official told the Ghana News Agency.

"When we go there, we are told there are no notes, but coins," he added.

Officials of the Ghana Commercial Bank, however, said they were not facing such a problem. "We have checked from our High Street branch and a few others and they have no complaints," one official said.

At the High Street branch of the Standard Chartered Bank, one of the biggest and busiest in the country, customers had to wait for an unusually long time before being served, that is if they could be served.

Some customers stood before cages for a long time as the cashiers consulted with their supervisors.

One disappointed customer told the agency that he was informed that he could not withdraw more than 10 million cedis although he needed more than that to transact his business. "I could not believe it," he said.

Cashiers were trying to dish out a good mix of notes and 500-cedi coins to customers in black carrier bags or small boxes.

Customers who did not want the coins took back their cheques.

The Graphic newspaper Thursday quoted the governor of the Bank of Ghana, Kwabena Duffuor, as saying that there are adequate quantities of cedis notes to take care of the needs of all customers.