Gov’t Spent $8.97m in Printing GHS100 and GHS200 denominations- Finance Minister

The government has said that the printing of the new 100 and 200 Ghana cedi notes last year amounted to 8.97 million US dollars, that’s according to the Finance Minister, Ken-Ofori-Atta.

Aside from the new notes that were printed, a new GHS2.00 coin was also generated.

The minister disclosed this when he was addressing the house after the Member of Parliament for Lambussie, Edward Kaale-Ewola Dery had questioned him on the cost of printing the new Ghana cedi notes.

“This is made up of US$4.45 million and US$4.53 million for the 100 and 200 cedis respectively. An amount of US$5.39 million of the total contract has been paid. The Bank of Ghana is in the process of finalizing its financial statement for 2019. Further details of the currency management will be provided in the financial statement,” he explained.

 

 

The new denominations were issued by the Central Bank on November 29 last year.

cedi denomina

                                                         A specimen of the new GHS100 and GHS200 denomination.

What was the reason behind the issuance of the new denomination?

According to the Governor of the Central Bank, Dr. Ernest Addison, the move was meant to protect the value of the cedi and ease high-volume transactions.

He further explained that the higher denominations would help with customer convenience, efficiency in high-value transactions in cash and reduce the cost of printing as well as currency management including processing, transporting, and storing banknotes.

Is the new denomination undermining gov’t efforts to go cashless?

Answering the question from the legislators on whether the new denomination undermines the government’s effort to go cashless, Mr. Ofori-Atta said:

“Larger denominations are needed within the context of all that we do. I am not really sure what ill is being done by having higher denominations but the inevitability of us being cashless is an issue of technology and I do not see how it is going affect the velocity in which cash flows in our country,”