BoG

The Bank of Ghana (BoG) has said it won’t ‘flood the market’ with the new higher cedi notes yet will confine their amount available for use to just high-esteem exchanges.

It said in spite of the fact that it expected interest for the recently acquainted GH¢100 and GH¢200 banknotes with top in the principal days because of individuals’ interest, that request, through bank withdrawals, would possibly be met when a client had cash and was pulling back same.

“You can possibly draw on them when you have cash, and with respect to what category you need, you the client chooses,” the Head of Currency Management at the BoG, Mr John Gyamfi, said in a meeting.

“So in the event that you have, say, GH¢1 million with us and you are pulling back GH¢500,000 of that cash and you state ‘give me GH¢10 in this sum, thus in GH¢100 and GH¢200 notes,’ we will give you, and that is the way these new notes will get out.

“However, even with that, we don’t expect to flood the market with them,” he included.

The Currency Management Department is responsible for the plan, printing and stamping; gauge, conveyance, preparing and pulverization of the nation’s cash, the Ghana cedi.

The BoG, on November 29, included GH¢2 coin and GH¢100 and GH¢200 banknotes to the rundown of cash groups available for use.

It said the presentation of the higher divisions was to essentially decrease the deadweight weight and high exchange cost related with making high-esteemed buys in a money based economy, for example, Ghana’s.

Before their presentation, the GH¢20 and the GH¢50 notes were the most elevated groups in the nation.

On the amount of the new notes the BoG planned to print, Mr Gyamfi said it would rely upon results of the bank’s figure.

“We will make an estimate of the interest for cash; some portion of it to supplant what we have annihilated and part dependent on swings in the economy.

“With Christmas and the cocoa season drawing nearer, individuals will request a lot of cash thus we plan for all that. Once more, you should consistently have a little space for possibility on the grounds that a crisis can occur,” he included.

Operational method

Mr Gyamfi said the bank’s operational method requested that restricted measure of the new notes would be flowed.

The method necessitated that banks didn’t pull back under 10,000 bits of a specific group in a pack.

“In any case, 10,000 bits of the new GH¢200 will be GH¢2 million and you need to initially inquire as to whether you have that cash, and afterward you inquire as to whether you need all or 66% of the sum you are pulling back in the higher worth,” he said.

Mr Gyamfi said the week by week necessities of the banks likewise implied that they would spread their withdrawals from the national bank over the different sections accessible.

On whether the new notes would be accessible at mechanized teller machines (ATMs), he said ‘we don’t anticipate that the banks themselves should put them on ATMs’.

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