New banknotes to be in circulation next week – BoG

The Bank of Ghana (BoG) says the new banknotes launched Friday would be available for transactions from next week.

Deputy Governor of the Bank Dr Maxwell Opoku Afari said: “The systems are being calibrated as we speak and the banks will start getting these species moved to their various branches starting from next week Monday.”

Dr Opuku Afari added that “It will be demand-based as to how many people want to demand that because as I said, it’s mostly going to store value and also for high-value transactions.”

Earlier, the Governor of BoG, Dr Ernest Addison said the Central Bank is introducing the new notes to complement the existing series to ensure customer convenience and bring about efficiency in the printing of currency to generate savings for the country.

“These new higher value denominations will only restore partially the dollar value of the higher denomination GH¢200 to about US$40, not quite close to levels in 2007, but high enough to significantly reduce the deadweight burden and high transaction cost in making high-value purchases in a cash-based economy like Ghana,” he said.