Minority demands cost of new Cedi notes

The minority in Parliament is demanding that the Bank of Ghana (BoG) discloses the cost of printing of the new Cedi notes and coin.

The Central Bank has introduced GHC100, GHC200 and GHC2 coin.

The Governor of the bank Dr Ernest Addison said the decision to develop the new notes was carefully thought through.

“A lot of thinking went into the decision to introduce the higher denomination banknotes,” he said.

But reacting to the new notes, the Vice Chairman of the Public Accounts Committee of Parliament, Edward Dery, described the move by the BoG as a waste of taxpayers money.

"All of a sudden you think that you want us to start spending GHC200 note or GHC100 you and I know if you mistakenly misplace or one of these drops out of your pocket, I don’t think many Ghanaians if it happens to you, you can sleep overnight. But if the Central bank thinks that there is the need for us to spend 200 0r 100 cedis note then we have to know you don’t wake up to spring surprises on people as to what we should do. Their reasons for the need for a high-value note to make their monies lighter are turnup reasons to help catch up with the dollar.

“This new notes won’t make us catch up with the dollar, they don’t make any difference when you go to the market. What additional value does it bring to us? You can cut new notes besides I have asked two questions seeking to know even the cost in changing the 50 cedis what is the difference between the old and new 50 cedis, the old 20 cedis and the current 20 cedis what is the difference is it the colours they put there, that cost the Ghanaian taxpayer the printing. Now they are coming out with new notes and coins what is the cost that you and I have to pay for, the finance minister I have filled two questions on it, if you can go and polish our old currency and come back at a cost without telling the taxpayer how much it cost, then this is complete loss to the state,” told Starr News Ibrahim Alhassan.