New Cedi Notes Have Enhanced Business Transaction ....Says Baah-Wiredu (page 11)

Story: Lucy Adoma Yeboah

FINANCE and Economic Planning Minister, Mr Kwadwo Baah-Wiredu, has noted that the introduction of the new cedi notes and coins has remarkably saved the time used in business transactions.
He explained that the length of time spent on counting for example, ¢500,000 in any of the old denominations, could be reduced to a second with one new GH¢50 note.
Mr Baah-Wiredu told the Daily Graphic soon after speaking at this year’s Charity and Technology Exhibition by the Kristo Asafo Mission at Awoshie, near Accra, that the time and energy previously used in counting volumes of money had been drastically reduced and the gain could be channelled into other productive activities.
He noted that following the re-denomination, the cedi had now been graded, together with seven other major currencies out of 200 world-wide, as a feasible match to the dollar.
He said although no real assessment had been made of the exercise, it was clear that significant savings had been made in the area of time and energy adding that savings made in the cost of printing and minting so many of the old cedi notes and coins could be used to develop other sectors of the economy.
“The cost of doing business has reduced and the risk of carrying too much money for business purposes have also reduced,”he observed
The finance minister said another positive offshoot of the exercise was that accounting processing had become easier because many of the zeros of figures had been removed.
Mr Baah-Wiredu pointed out that a visit to any bank showed that business had become easier and quicker for customers and bank staff.
He took the opportunity to commend the Bank of Ghana (BoG), the implementor of the exercise, financial institutions, and the public for working so hard to support the exercise which began in July 2007.
Mr Baah-Wiredu said although the old Ghanaian cedi would cease to be legal tender by December 31, 2007, those with the old currency could change them till the end of June, 2008.
He pointed out that special desks would be created at the financial institutions to enable the public to change any amount of old currency they might have on them after December 31, 2007 adding that “every pesewa would be changed.”
He reiterated that one needed not to be a customer of a bank to be able to change his or her old currency for the new.
In July this year, the Bank of Ghana re-denominated the current cedi by knocking off four zeros to reduce the quantity carried or recorded.
The central bank set the numerals at ¢10,000=GH, ¢1=100Gp.
The new currency is denominations in GH¢1, GH¢5, GH¢10, GH¢20 and GH¢50, while the coins are in 1Gp, 5Gp, 10Gp, 20Gp, 50Gp and GH¢1.
Both notes have been circulating concurrently since July 1, this year. However, from January 1, 2008 only the Ghana Cedi will be legal tender and could not be used in any transaction.