No definite decision to print additional unit of currency - Governor | General News 2009-10-06
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General News of Tuesday, 6 October 2009

Source: GNA

No definite decision to print additional unit of currency - Governor

Accra, Oct 6, GNA - No definite decision has been taken to print additional units of currency for Ghana, Mr Kwesi Bekoe Amissah-Arthur, Governor of the Bank of Ghana said on Tuesday.

He explained that any decision to print new currency would be subjected to the approval of the Board of Directors of Bank of Ghana, which is yet to be inaugurated.

The Governor was speaking to journalists after being sworn-into office by President John Evans Atta Mills at the Castle, Osu. He denied that the cedi would soon be out of use, but hinted the possibility of printing new units of the currency. Mr Amissah-Arthur, succeeded Dr Paul Acquah, and resumed work on Thursday, October 1.

Mr Amissah Arthur, an Economist, and a former Deputy Minister of Finance, has already met staff of the Bank.

He admitted challenges within the nation's banking sector, but said his team was ready to strategise and overcome them. Mr Amissah-Arthur said areas that needed to be tackled were the rising base rate against the prime rate and how to stabilise inflation to facilitate business growth.

He referred to a recent audit of banks in Nigeria, and said the Central Bank would not undertake any wholesale audit but would carry out the exercise when necessary. Mr Amissah-Arthur expressed confidence in the team of technocrats instituted for the monetary sector. 6 Oct. 09