Bank of Ghana launches education campaign on GH¢2 banknotes

Accra, April 1, GNA - The Bank of Ghana on Thursday launched an educational campaign on the GH¢2 banknote to be introduced in May this year.

The GH¢2 denomination is being introduced in response to the need for an intermediary banknote between the GH¢1 and GH¢5 banknotes.

Central Bank Governor, Mr Kwesi Amissah-Arthur, said a review of th= e cash cycle to determine the effectiveness of the currency reform conducte= d by the Bank in 2009 indicated that there was a lot of pressure on the GH¢= 1, resulting in the notes circulating too fast and being over-used. "The worn-out state of the GH¢1 defeats the Bank's Clean Note Poli= cy, which seeks to ensure that only good quality banknotes remain in circulation," Mr Amissah-Arthur said.

He said since the redenomination exercise, the public had demanded an intermediary banknote between the GH¢1 and GH¢5 denominations to redu= ce the gap between the two and to improve exchangeability and facilitate transactions. "The GH¢2 banknote will therefore expand the series of banknotes in circulation and thereby providing a better choice to the public," Mr Amissah-Arthur said. It will also reduce the frequency and associated cost of printing lar= ge volumes of the GH¢1 banknote.

On the portrait on banknotes, the Central Bank Governor said the la= ck of a different and distinct portrait on each banknote denomination had be= en noted for rectification. All the five banknotes introduced in July 2007 have identical portrai= ts (of The Big Six). Mr Arthur-Amissah said different portraits allowed the general publi= c to easily identify the different denominations and also provided a major consideration when it was necessary to upgrade and change the design and security features of banknotes.

"One of the key reasons for placing different portraits on different denominations is the need to frustrate counterfeiting," he said, adding t= hat a major concern of the Bank of Ghana was to guarantee the integrity of th= e banknotes and defend them against the escalating trends of counterfeiting= ," he said. Besides, varying the portraits on the banknotes will also permit the nation to recognise departed national heroes who positively impacted on t= he lives of Ghanaians.

Mr Amissah-Arthur said it was in line with the above reasons that th= e portrait of Dr Kwame Nkrumah was chosen for the GH¢2 banknote to commem= orate the centenary of his birth. The reverse of the banknote depicts the old and new Parliament buildings, signifying Ghana's deepening democracy. Mr Amissah-Arthur said the introductory issue of the GH¢2 banknote would have the commemorative text "Centenary of the Birth of Dr Kwame Nkrumah,"=

but future issues were not expected o have the text, making the introduct= ory issue a collector's item.

The new banknote with enhanced securities such as blind recognition ma= rks with high tactility for the blind and visually impaired will be issued ou= t as legal tender in May 2010 to coincide with the conclusion of the year-l= ong centenary celebrations of the birth of Dr Kwame Nkrumah.