BoG To Introduce New GH�2 Note

The Bank of Ghana has decided to introduce a GH�2 (Two Ghana Cedi) denomination in response to the need for an intermediary banknote between the GH�1 and GH�5 banknotes.

In a statement issued on Thursday the decision follows a review of the cash cycle conducted by the Bank in 2009, which indicated that there was a lot of pressure on the GH�1, resulting in the notes circulating too fast and being over-used. The worn-out state of the GH�1 defeats the bank�s Clean Note Policy, which seeks to ensure that only good quality banknotes remain in circulation, the bank said.

The introduction of the new denomination will expand the series of banknotes in circulation, enhance exchangeability and facilitate transactions. The general public will be informed and educated on the theme, colour, size, security and other features of the new denomination when the design is finalized.

Speaking in an interview with Peace News,the Public Relations Officer(PRO) of the Bank of Ghana, Esi Hammond, said the new introduction will make the printing of notes less costly and easy to transact business with, as compared to the current state where there is a wide gap between the GH�1 and GH�5 banknotes.

However, she said the BOG is yet to arrive at the final feature and design of the new GH�2 (Two Ghana Cedi)denomination.

She added that the Central Bank will start educating the general public on the security features that will characterize the new denomination.

Source: Peacefmonline.com/Ghana