No intension to print GH¢30 – BoG

Dr. Ernest Kwamina Yedu Addison Signs Document 500 Dr Ernest Addison, Governor, Bank of Ghana

Fri, 7 Apr 2017 Source: dailyguideafrica.com

The Bank of Ghana (BoG) says it has no intention of printing GH¢30 banknotes to add to the existing ones in the country.

According to the Central Bank, it does not make economic sense for the nation to engage in such needless venture.

Catherine Ashley, Advisor to the Governor, BoG, who made this known, said the time and cost involved in printing new banknotes were enormous, and that the Central Bank was not considering such a move.

She made the remarks at a sensitisation seminar in Kumasi on the new GH?5 commemorative banknote issued recently by BoG to celebrate 60 years of central banking in the country.

It was attended by bankers and media practitioners in the Ashanti Regional capital, Kumasi.

Mrs Ashley disclosed that both banknotes would circulate simultaneously and would remain equally valid, adding that the new GH?5 has various security features with the latest technology on the market.

“It is one-off commemorative note print which will not be replaced once it is pulled out of circulation. It’s legal tender and collector’s item. And the banknote displays an engraved portrait of Dr James Kwegyir Aggrey and seaborne oil-drilling rig in the TEN offshore field,” she noted.

Integrity Issue

Mrs Ashley denied reports that the new government, led by President Akufo-Addo, ordered the Central Bank to print the GHC 5 commemorative note, asserting that it does not take less than one year to print new currency.

“Currency printing is not just like ordering tomatoes from the market. It is a high security activity that goes through tender process. Even the printers account for the waste currencies,” she said, whiles eulogising the integrity of the staff at the central bank.

He called on the general public to use the security features to authenticate the banknote.

Source: dailyguideafrica.com
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