Printing of new cedi notes cost economy US$9m

Government spent US$8.97 million to print the new GH¢100 and GH¢200 cedi notes, Finance Minister, Ken ofori-Atta has revealed.

“The currency management falls within the domain of Bank of Ghana. Information obtained from BoG shows that the cost of printing the GH¢100 notes and the GH¢200 notes is US$8.97million.

This is made up of US$4.45million and US$4.53million GH¢100 notes and GH¢200 respectively.”

The Minister said this while answering questions from Lambusie MP, Edward Dery in Parliament. He further justified the printing of the new notes, adding that an amount of US$5.39million of the total contract has already been paid.

“The BoG is in the process of finalizing their financial statement for 2019 and further details of the cost of currency management will be provided in the Bank’s financial statement,” he stated.

The Bank of Ghana in November last year, introduced GH¢100 and GH¢200 notes as additions to the country’s currency denomination mix. The Bank has also introduced a GH¢2 coin.

The introduction of the new notes, according to the Central Bank in earlier report, forms part of reforms to among other reasons, check cedi depreciation and aimed at making the cedi relevant to changing times.

See Also:  Cedi to experience moderate depreciation this year – Standard Bank

 

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