Re-denomination succeeds in a growing economy -

Cape Coast, June 14, GNA- Mr. Emmanuel Amoah, Head of Clearing Services of the Agricultural Development Bank (ADB) on Wednesday stated that re-denomination of a currency succeeds in a country with a growing economy, which has, among others, a declining inflation, stable exchange rate, falling interest rates and strong Gross Domestic Product.

He said the exercise was also bound to fail when implemented in a regime with a high inflation rate, and therefore expressed optimism that the re-denomination of Ghana's cedi would succeed because the country has fulfilled almost all the conditions necessary to ensure the success of the exercise.

Mr Amoah, who was one of the resource persons at the ADB's customer interaction day on the re-denomination of the cedi, made these remarks at Cape Coast.

The customer interaction day, which was organized by ADB was aimed at creating the opportunity for the officials of the bank and its customers to interact with the view to discussing the importance of the re-denomination of the cedi and other issues related to it to ensure a hassle-free transition from the old to the new currency. The bank has dedicated almost a week to the re-denomination campaign with the event in Cape Coast being the last in the series and that similar interaction days have already been held in Accra, Tamale, Kumasi, Hohoe and Techiman.

In a speech read for him, Mr. Edward Boakye-Agyeman, Managing Director of ADB announced that the bank has started the updating of its banking software, redesigning and printing of all stationery to meet the new specifications of Bank of Ghana (BOG), and has also acquired new working tools such as notes and coins counting machines. He said the bank has also started a vigorous in-house training for all categories of staff to equip them with the knowledge and skills to render efficient and effective service to customers, during and after the re-denomination of the cedi.

He said the bank's 50 branch managers countrywide would continue to provide further education on the re-denomination of the cedi to customers in order to clear every bit of doubt from their minds. Mr. Boakye-Agyeman stated that all the events held so far have been very successful with the Tamale interaction recording more than 400 participants and commended the officials of BOG for their support to the programme.

He urged the customers to attach importance to the interaction to enable them to disseminate the knowledge they would acquire to others so as to promote the success of the re-denomination campaign.

Osabarima Kwesi Atta II, Omanhen of Oguaa traditional area, commended ADB for organizing the interaction day with the customers in the Cape Coast municipality and urged the bank to continue to educate the people on the importance of the exercise.

Mr. Kwame Owusu-Kodua, General Manager of Banking Services of the bank, who was one of the resource persons, cautioned the customers to beware of impersonators, during the exercise, and report to the police anybody who posed as a bank official with forms to fill for them in their homes and collect their money.

According to him, fraudsters would attempt to push through not only the counterfeit of the Ghana cedi, during the exercise, but also the present currency and advised the customers to let caution be their watchword in order not to fall victims of their evil deeds. 14 June 2007