The bank of Ghana early this year, 2019 introduced newer versions of 1 cedi, 2 cedis, 5 cedis, 10 cedis and 20 cedis earlier this year. This is something entirely new. The Bank of Ghana this morning,29th November 2019, launched banknotes of hundred (100) and two hundred (200) cedi and 2 cedi coin. This higher denomination is believed to ease the burden of carrying huge sums of money, especially for businessmen and women.
According to Dr. Ernest Addison, the introduction of these notes and 2 cedi coins will bring about customer convenience and efficiency in business and customer service. .He added that the new currencies are brought on board to align with macroeconomic conditions and demand.
This will also limit the insecurity in carrying huge sums of Ghana cedis. This means that one could carry huge sums of money without easily being noticed because the fellow may not even need to carry a huge bag for carriage.
This will also ease and encourage transactions among business people. Counting such banknotes from a business perspective will be easier and less time-consuming.
The introduction of the new banknotes may have a setback of losing a lot when some of the notes are missing say 100 cedis or 200 cedis. This means the notes must be kept well to avoid theft.
This move by the Bank of Ghana will help to reduce too much cash handling. Let see how Ghanaians will embrace it.