Introduction of GH¢100, GH¢200 notes results of a well-thought out currency reform programme - BoG tells Mahama

The Bank of Ghana has said the introduction of the new higher denomination banknotes it issued recently was the result of a well-thought-out currency reform programme.

The BoG was responding to John Mahama's criticism of introduction of new notes.

Mahama hit out at the BoG recently and said the proper system for the introduction of the new notes was breached by the central bank.

The central bank in November 2019, introduced GH¢100, GH¢200 notes as well as a GH¢2 coin as part of the country’s denominations, a development it believes will ensure customer convenience, reduce high transaction and printing cost as well as currency management.

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But in a statement issued on Friday, the Bank of Ghana justified the introduction of the 100 and 200 Ghana cedis banknotes on grounds that 12 years after the redenomination of the cedi, high inflation and depreciation of the currency have eroded the face value of the existing series of banknotes.

Read Bank of Ghana’s justification for issuing the new notes in the statement below.