BOG Exhibits Currency

Accra, August 4, ---A week -long exhibition of the country's currency system during the past 40 years opened at the Cedi House in Accra today. Organised by the Bank of Ghana (BOG) for public appreciation of the evolutionary path of the country's currencies, the exhibition formed part of activities to mark the 40th anniversary celebration of the bank. On display are the West Africa Currency Board (WACB) old notes and coins dating as far back as 1884 including those of the British West Africa pence , shillings, pounds , the half sovereign of 1898 and bank notes dating from independence. Dr Kwabena Duffuor, Governor of the Bank, traced the legal framework within which the currency has operated for the past 40 years. He said the BOG was established not rpt not only to take over the functions of the ( WACB) but also to set up the operational framework for an independent monetary administration in Ghana. The bank has the sole right to redeem bank notes and coins, he said. In 1965, Ghana decided to abandon the British currency system and adopted a widely accepted decimal currency one, the governor said pointing out that although that system has been maintained, yet both notes and coins have been drastically changed over the years. In the early 1980's and 90's raging inflation compelled the bank to introduce higher denominations while the legal framework for the currency management remained the same . Dr Duffuor said the 1992 constitution equipped the bank with enhanced powers to handle the exigencies of the rapidly expanding monetary and financial system.