Bank of Ghana to put enough cash in circulation

The Bank of Ghana has reiterated that there has been an increase in the demand for cash but there would be enough currency in circulation to meet all demands.

A statement issued in Accra by Mr H.O. Ammah, Director of the central bank's Issue Department, said the demand for cash has increased as a result of the 2000/2001 main crop season, which has attracted an increase of about 40 percent over last year's producer price.

It said another reason for the high demand is the withdrawal of large amounts of cedis for political party campaigns. "To meet the demand for cash payment to cocoa farmers in particular the bank has moved currency to the tune of 220 billion since the season was declared open on October 26, this year, to the cocoa growing areas," it said.

It said additional cedis would be put in circulation by the end of this month. The bank said as an interim measure to improve the situation pending the delivery of fresh currency, steps have been taken to put back into circulation slightly used currency notes. -