CIB and BOG sensitise drivers on re-denomination

Accra, April 29, GNA - The Chartered Institute of Bankers and the Bank of Ghana on Sunday, carried out a sensitisation exercise to educate drivers from the Adabraka Co-operative Transport Society and the Ghana Private Road Transport Union (GPRTU) on the re-denomination of the cedi, which comes into effect in July.

The education is to forestall misunderstanding that might arise between the drivers and the public on the value of the new currency when it comes into effect.

Issues discussed included conversion of the old cedi into the new currency, the use of the old currency alongside the new one and how to handle currency notes. Dr Benjamin Amoah, Head of the Monetary Policy Analysis and Financial Stability Department of the BOG, said the re-denomination would eliminate the risk involved in carrying loads of the current currency for business transactions.

"The problems associated with the current note regime, including transaction costs and general inconvenience and high risks of carrying loads of currency will be a thing of the past," he said. Dr Amoah said the new currency would be in circulation alongside the present one for six months hence there would be no need for people to rush to exchange their monies. He said as frontline people who dealt with the public every time, there was the need for drivers to understand the conversion to avoid quarrels with passengers. Dr Amoah said change could be given in both the new and old currency when the new Ghana Cedi.

He advised the drivers to handle the notes carefully since it was public money that was used in printing them. Mr Sam Duodu, Public Relations Officer, Chartered Institute of Bankers said the programme was the Institute's contribution to the ongoing education on the new currency since BOG could not do it alone. He said there were plans for the Institute to send its students to the various markets in Accra to educate people on the conversion of the old currency into the new one.