Vanguard: Naira attracts respect in Ghana

... more worthwhile to handle the Naira than the Dollar
ACCRA (GHANA)— According to a Nigerian newspaper, Vanguard, as a result of the re-denomination of the Cedi, the Nigerian currency, the Naira, now holds more attraction to Ghanaians.

The newspaper says "right from the Aflao border region with Togo, down to Accra, the capital, Ghanaians are so openly aversed to being paid in U.S. Dollars, preferring either only the Cedi or the Naira."

A cross section of Ghanaians surveyed told Vanguard that it was more worthwhile for them to handle the Naira than the Dollar, following recent re-denomination of the Cedi by the government of President John Kuffour.

A tour guide with travels and tour company in Accra, Mr. Emmanuel Osae, said since the re-denomination of the local currency, the U.S. Dollar fetches less Cedi than in the past.

Ghanaians are, however, unanimous about the fact that the re-denomination had not in any way changed the value of the currency.

They were also quick to add that the re-denomination had not reduced the rate of inflation, as the prices of goods and services have remained unchanged.

“The value remains the same; you can get the equivalence of the old currency sent to the bank for exchange. There is no surcharge when one goes to the bank to change the old currency.

“The prices of commodities has not changed as a result of the re-denomination,” said Osae, who noted that the apprehension that greeted a similar policy in the past, where people lost a lot of money in the process of changing their money from the old to the new Cedi, does no longer arise.

Another respondent, Grace Asare, advised the Nigerian government to follow the implementation of the re_denomination of the Naira with aggressive enlightenment campaign, so Nigerians could be educated about the workings of the policy.