Ghanaians express mixed feelings about new denominations

A section of Ghanaians have received the news on the Bank of Ghana’s circulation of new higher denomination banknotes, on Friday, with mixed reactions.

Dr Ernest Addison, the Governor of BoG announced the introduction of new Gh¢100.00 and Gh¢200.00 notes and Gh¢2.00 coin to complement the existing series.

The move, he said, was to ensure customer convenience and efficiency in printing currency to generate savings for the country.

Some members of the public the Ghana News Agency (GNA) interviewed for their reaction expressed divided opinions on the benefit or otherwise of the high value notes.

Nana Otu, a trader in African footwear, said the higher denominations would be very helpful to traders who travelled because they would not have to carry a lot of notes on them.

It would also facilitate easy transaction because less time would be spent counting a lot of notes.

Madam Elizabeth Simons, a revenue collector for a Savings and Loans Company, also lauded the Government for introducing the new currencies.

She said these new denominations would reduce the use of bulk cash and prevent dangers, such as armed robbery, among others, that came along with carrying huge amounts of money.

Mr John Anto, a store manager, said he believed that the Central Bank made a professional decision in the interest of Ghanaians as such a venture would not be done at the whim of any individual.

Ghanaians must, therefore, be open-minded about it, he said.

However, Mr Albert Ayornu, an IT Professional, said there was no need for the new denominations as the Government would spend huge sums of money in printing them.

Those huge sums of money, he said, could have been channelled into other fruitful ventures to boost the economy.

Mr Solomon Acquah, who called himself a concerned citizen said, "I don’t really know who advised government to undertake such redenomination exercises, but for me, I find it totally unnecessary."

"The current cedi notes in circulation are already causing us enough problems and we’ve not yet finished exhausting them so I don’t know why they’d introduce such huge denominations.

“Just imagine how it would feel when you lose a Gh¢50.00 note not to even talk of losing a Gh¢200.00 note.

“Also, it would be difficult getting change for the exchange of services, for example using such an amount to pay for lorry fare would cause a lot of problems.

“Maybe these new notes would benefit business men to help them carry fewer notes but for the rest of us, I think it won’t help”.

Madam Ama Pokuaa, a bread seller said the new denominations would create a difficulty in getting change for her customers.

“The bread is sold for only Gh¢5.00 and I have to even struggle to get change for those who come to buy with Gh¢50.00, how much more, a Gh¢100.00 or Gh¢200.00 note?

“My advice is that government should increase the flow of smaller denominations so that traders would not be put in a difficult situation during sales,” she added.

She expressed optimism that the government would still find a way to allow an increased flow of smaller denominations into the economy to forestall the problem.

“When the Gh¢50.00 note first came, we all complained but still we’re using it and everything seems okay. The same would happen for these new notes. They may seem like a problem now but with time, we would all get used to using them,” she added.

Mr Kwadwo Ansah, a teacher in a private school, said his only concern was that, on pay day, he may receive only three of the GH¢200.00 notes.