Political motive for redenomination exercise?

The NDC MP for Amenfi Central, Hon. George Kofi Arthur has described the intended redenomination of the country’s currency by the Bank of Ghana, by July 2007 as an unnecessary exercise. He made this statement in an interview with a local radio station - Peace FM - at Parliament House today.

He said one of the reasons for the intended redenomination exercise which is to address the burden of carrying large sums of money for business purposes is a weak reason.

This is because measures are already in place to check the problem. These include the use of Automated Teller Machines (ATMs), Cheque Books, Credit Cards and Money Transfer System. Hon. Arthur alleged that the NPP government has a political motive for the intended redenomination exercise.