BoG Releases GH¢100 and GH¢200 notes, with GH¢2.00 Coin
The Central Bank of Ghana has introduced GH¢100 and GH¢200 notes in the country’s currency denomination mix. Also introduced is the GH¢2 coins.
The Governor of the Central Bank, Dr. Ernest Addison announced this at a press conference in Accra on Friday.
What is the reason for this redenomination exercise?
According to the governor, the redenomination exercise is aimed to eliminate four zeros from the existing units of currencies in an attempt to introduce efficiency in the economy and remove the dead-weight burden associated with transactions.
At the time of the redenomination, the GH¢1 was equivalent to US$1, the highest denomination then was the GH¢50 which was equivalent to the GH¢50. Twelve years after the redenomination exercise, sustained periods of high inflation and the perennial depreciation of the currency has eroded in real terms the face value of the series of notes,” he sustained.