Re-denomination will not affect foreign exchange - BoG official

Kumasi, June 21, GNA- Mr James Opoku-Yeboah, an Assistant Manager of the Banking Department of the Bank of Ghana (BoG), has said that the re-denomination exercise, which takes effect from July 1 this year, would not affect the foreign exchange inflows into the country. He said the re-denomination would have the same external value, which will be determined freely on the market.

Mr Poku-Yeboah said this on an education programme during the second quarterly rally of the Kumasi Diocesan Association of Methodist Men's Fellowships at Saint Paul's Methodist Church at Kentinkrono in Kumasi on Wednesday.

His topic was "The New Ghana Cedi and Investment".

He said the nation's foreign exchange an earnings is based on the export commodity market and remittances from Ghanaians living abroad. Mr Poku-Yeboah advised those rushing to change their monies into dollars in an anticipation of the drop in new Ghana cedi to be patient, saying the old and new cedi notes and coins will have the same external value.

He advised them to be careful of impostors, crooks and miscreants who would try to dupe them, and that they should deal only with the banks and savings and loans companies.

Mr Poku-Yeboah advised traders to be conversant with the conversion of the old and new cedi notes and also handle the currency with care since it costs the BOG hard-earned foreign money to reprint them. He assured that the exercise would not lead to price increases while salaries of workers will be denominated in the new currency but its value will remain the same.

Mr Boakye Mensah, Ashanti/Brong-Ahafo Regional Manager of Gold Coast Securities Limited, investment bankers and stock brokers, said the re-denomination still offers investment opportunities for those who want to enter the financial market.

He called for effective management, sound financial business practices and saving habits for those who want to enter the financial market.

Mr Mensah said the nation has the resources and capacity for those who want to do genuine business.

Mr Asare Yeboah, Kumasi Diocesan Chairman of the Men's Fellowship, said the re-denomination exercise should concern all and sundry including the church because of its importance to the nation's economy and investment opportunities.

Very Reverend Dr Nathan Iddrisu Samwini, Minister in-charge of the Kentenkrono Saint Paul's Methodist Church, called on the BOG to intensify its education on the re-denomination especially in the rural and inaccessible areas.