Do not rush for new notes and coins - Governor

Accra, July 3, GNA - Dr. Paul Acquah, Governor of the Bank of Ghana, on Tuesday applauded the smooth introduction of the Ghana Cedi (rpt Ghana Cedi) and urged banks to ensure that the process of re-denomination was carried out in all parts of the country. He urged the public not to rush to exchange old notes for new ones, since they had until December to get the new notes and coins. The Governor said the new currency had been well distributed across the country and there was no need to worry about having an old note or a new one.

In a symbolic exchange of old notes for new ones at the banking hall of the Central Bank, the Governor was visibly surprised at the small amount of cash he was holding for the large one he gave to the teller.

He urged customers of banks not to rush to change their cheque books since they could use the old cheque books and sign them stating figures in the old currency.

"The bank officials would then cash your cheque giving you the value in the new currency and the new currency itself. Dr Ben Amoah, Monitoring Policy Analysis and Financial Unit of the Bank of Ghana (BOG), was also elated.

A long queue was formed at the Bank of Ghana of anxious people who wanted to change their old notes for the new currency and be among the first persons to hold the new notes and coins.

The Central Bank decided last December to re-denominate the cedi, citing huge transaction costs, heavy burden of carrying the money around, technical deficiencies of accounting procedures and security.