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Business News Wed, 11 Dec 2019

'We'll keep printing currencies outside, local companies not fit to do it' – BoG

The Bank of Ghana has said it will continue giving the contract for printing the local currency to foreign companies since there are no local firms with the capacity, needed investment and capability to print the cedi in Ghana.

According to the central bank’s Head of Currency Management, Mr John Gyamfi, until such level of currency and security printers emerge in Ghana, the Bank of Ghana will main the status quo.

It follows the revelation that the recently introduced GHS100 and GHS200 banknotes were printed by US-based Crane Currency.

It was the same company that printed the GHS5 notes to commemorate Ghana’s 60th independence anniversary a couple of years ago.

“For these types of jobs, you need the companies with the proven track record”, Mr Gyamfi told Accra-based Citi FM, adding: “Unfortunately, the kind of investment you need to carry out these types of jobs is not present in the country at the moment”.

“So”, he continued, “For now, such companies are not available in Ghana”, noting: “I think in the foreseeable future, we’ll continue to rely on those foreign companies that have met all the international standards.”

Source: classfmonline.com
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