BoG Should Educate Ghanaians on the Upgraded Cedi Notes

On Tuesday May 6, the Bank of Ghana (BoG) successfully introduced into circulation, upgraded Cedi notes.

The essence of the new banknotes, according to Esi Hammond, Head of Communications at the Bank of Ghana, said “In line with best practice, what is done elsewhere, you find that at about seven years there about, countries would change their bank notes. For example if all their technological systems are changing then it means that the way they prints notes are even different and so we cannot stay back. It might end up being more expensive for us to stay the way it’s been. As for counterfeit, every country suffers that one way or the other; the extent might differ from country to country,”

 

Reports reaching this newspaper indicate that, passengers’ of commercial vehicles, known locally as Trotro, are having hard time with the mates, because they are refusing to accept the new banknotes, their reason being that, the notes are fake.

This came about because authorities did not do much education before the launch.

In the opinion of this newspaper, the new banknotes is to be used by Ghanaians, it is only fair that, those Ghanaians are aware of the plans of the regulator and how their responsibility to ensure that,  the notes are not mutilated.

In Ghana, we do things by keeping the beneficiaries at arm’s length. In 2007, when we redenominated the currency, a lot of education took place for a period close to one year, before the final launch.

The BoG has a lot of education to do, not necessarily about the new banknotes, but also about the need to keep the notes clean.

The BoG, should also demand from the banks to dutifully ensure that new notes in circulation are kept clean and of good quality, and must mandates the banks going forward, when the old notes, have been mopped up, to classify notes into a fit and unfit category and return unfit ones to the BoG, as unfit banknotes that shall not be re-circulated.

 

 

 

 

 

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