BOG Destroying Good Cedi Notes

A recent press release by the Bank of Ghana (BOG) revealed that the total cost of printing new currency notes in the ?10,000 and ?20,000 denominations including additional quantities of ?1,000, ?2,000 and ?5,000 denomination to replace mutilated notes amounted to ?110bn.

Whilst the BOG has been embarking on educational campaigns for the public to handle the currencies with care, it is now becoming clear that the Bank has not been careful in the destruction of mutilated currencies.

The result, the paper says, over two months of in-depth investigations have revealed that some notes were destroyed by holes being punched into them and eventually burnt, were actually far better than some of the notes in circulation.

Discreet enquiries with staff of various department of the central bank revealed that none of the currencies to be destroyed were stolen. They, however, agreed that a sizeable amount of the notes burnt were in good shape and far better than some of the notes in circulation.