Information Services launches campaign on re-denomination

Kyebi (E/R), April 12, GNA - The Eastern Regional Directorate of the Information Services Department (ISD) has begun an educational exercise aimed at preparing the people in the region on the cedi re-denomination.

The campaign involves using mobile cinema vans to give talks, films shows that have information on the processes and benefits of the policy as well as distributing leaflets on the exercise. Addressing one such forum at Kyebi in the East Akim District on Monday Mr Edwin Appeaning, the Eastern Regional Director of the ISD, appealed to people not to panic and succumb to the temptation of engaging middlemen to exchange their old cedi notes for them since both the old and new currencies would remain legal tender till the end of December.

He said the central bank has carefully chosen July to allow a large segment of the populace to familiarize with the new currency before the cocoa season begins in October so as to prevent "unscrupulous persons from taking advantage of the situation to dupe innocent cocoa farmers."

Highlighting the benefits that people could accrue from the exercise, Mr Appeaning said in addition to reducing high cost and risks involved in carrying huge volumes of bank notes, the exercise would also help enhance payment systems and simplify accounting processes in the banking sector.