No Euros in Ghana.

The new European currency, the euro, introduced to the market on Tuesday, made a slow start in Ghana on Tuesday as commercial banks said they were yet to have the new currency.

A number of commercial banks in the metropolis, which spoke to the Ghana News Agency said no one had made any payment or demanded euros. They, however, expressed the hope that in the next couple of days the Central Bank would make some available for the public.


A source at Standard Chartered Bank, Accra said: "It has been a normal day. Nobody has come with any euros and we have not paid out any. In fact, we don't have Euros.


"If a customer receives a transfer in euro we will pay out British pounds or US dollars until we have euros." The source said like all other commercial banks Stanchart had ceased collecting currencies of countries that form the Euro Zone.


Mr Kwesi Fosu Gyabaah, President of the Association of Forex Bureaux confirmed that the commercial banks had stopped collecting the old currencies. He said they stopped buying the old notes last Monday, December 31.

"The Central Bank has, however, assured us that they will collect them and change them between now and January 15, 2002." Mr Gyabaah said they have the rate of the euro quoted on their boards, "but we do not have any yet".


"We hope that the Central Bank will come out quickly on the issue and what steps to take in the interim, he said.” He expressed fears that crooks might take advantage of the void and push through fake euros.


"This is real as we have not seen any Euro notes or know how they even look like, except the few specimens provided by the Central Bank."

The Euro Era Begins

January 1 -- Around 300 million people in 12 European Union (EU) nations have been getting to grips with the euro after its New Year launch.
The largest financial switchover in history made a smooth start with few glitches reported.
But the real test is expected on Wednesday when the New Year holiday ends and businesses reopen.
The currency will be the most widely used money since the Roman Empire.
Those countries which have embraced the euro are Germany, France, Italy, Austria, Portugal, Spain, Finland, Ireland, Greece, Belgium, the Netherlands and Luxembourg.
Britain, Sweden and Denmark have not yet joined up.
The single currency was born three years ago as a virtual currency for use in financial transactions.
It has had a rough time in the world's money markets ever since, losing around a third of its value against the dollar to be now worth about 90 US cents.