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Nairaland Forum / Nairaland / General / Business / Bank Of Ghana To Introduce New GH¢100 And GH¢200 Banknotes (672 Views)
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|Bank Of Ghana To Introduce New GH¢100 And GH¢200 Banknotes by rodeo0070(m): 9:18am On Dec 01, 2019|
The Bank of Ghana on Friday announced that Ghana would introduce two higher denominations of the local cedi currency to complement the existing series.
It said that the 100 Ghana cedis and 200 Ghana cedis denominations are to ensure customer convenience and bring about efficiency in the printing of currency to generate savings for the country.
Announcing the decision at a news conference, governor of the central bank Ernest Addison said the bank would also introduce a new two cedis coin in addition to existing coin categories of the currency.
He explained that the face value of the cedi had eroded over the past 12 years, compared with the U.S. dollar.
“When it was introduced 12 years ago, the value of the redenominated currency was 0.92 Ghana cedis to one US dollar.
“Twelve years after the redenomination exercise, sustained periods of high inflation and the perennial depreciation of the currency have eroded, in real terms, the face value of the series of the notes.’’
According to him, in 2019 alone, the cedi recorded a 10.4 per cent cumulative depreciation between January and September.
|Re: Bank Of Ghana To Introduce New GH¢100 And GH¢200 Banknotes by Brandstudio01: 9:24am On Dec 01, 2019|
Did you hear that? It's c200 not c1000
I feel like being a Ghanian
|Re: Bank Of Ghana To Introduce New GH¢100 And GH¢200 Banknotes by mrvitalis(m): 9:34am On Dec 01, 2019|
If u like remove 100 zero from a currency a weak currency is a weak currency
Until u tap the area of your comparative advantage
With little imput a hectare of land can produce 50 tons of casava in a year ,if the right seeds n fertilizer is used thats over 1 million naira wealth created ....without further processing
Converting this to chip makes 12.5 tons of chip sold at around 450 dollars per ton....thats roughly 2 million worth of goods
If same land is used to produce rice ...if u are luck u get 2 tons thats around 300k max
Now based on this won't we be better of producing casava chips sale to China then import rice ?
We would still have 1.5 million change on same land
The above is called theory of comparative advantage ....its capitalism in action
Buhari is a socialist ,believes we can produce everything which would reduce our total GDP
|Re: Bank Of Ghana To Introduce New GH¢100 And GH¢200 Banknotes by oz4real83(m): 9:52am On Dec 01, 2019|
Brandstudio01:you don't know what they meant. Nigeria can do what they did if we want. The Ghanaian economy didn't improve to warrant a high currency value. They only redenominated their currency which means that supposed they had C1000, they simply removed a zero or more. It only has temporary power of reducing inflation and if you don't do anything to improve the economy within that period, the advantage will disappear and that is why they want to reintroduce higher denomination now because their currency keeps losing value. They need higher denomination to maintain liquidity. Nigeria can remove three zeros from our N10 and it will turn to N100. But does that improve our economy? Simply NO. Nigeria even imports toothpicks!!!. We must produce more, export far more than we import and create good policies in order to achieve a bigger and better economy to achieve better currency value. People bought cars and built houses when they earned N100 minimum wage than now that they are earning N18,000 and above as minimum wage.
|Re: Bank Of Ghana To Introduce New GH¢100 And GH¢200 Banknotes by Mynd44: 10:55am On Dec 01, 2019|
You remove zeros from your currency, buying power of said currency didn't increase and now you have to print higher denominations.
Very wise decision ooo
|Re: Bank Of Ghana To Introduce New GH¢100 And GH¢200 Banknotes by Kendumazy(m): 11:31am On Dec 01, 2019|
|Re: Bank Of Ghana To Introduce New GH¢100 And GH¢200 Banknotes by Area4Area: 11:39am On Dec 01, 2019|
You won't see those Ghanaian boasters and noise makers here, imagine from January to September this year their cedi has tumbled by 10.4%. I'm sure that by now it would have lost more value since the border closure as the dollar they earn from Nigeria is already lost
|Re: Bank Of Ghana To Introduce New GH¢100 And GH¢200 Banknotes by NoLotty7(m): 1:07pm On Dec 01, 2019|
Motion is in place for 2ghc coin,100ghc and 200ghc note to be roll out in no distance time.To me it's a bad decision by the present government in Ghana because inflation will increase the more,money laudering will likely going to be there.anyway,planning of out from here next God willing.
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