Government paid 8.98 million dollars for new 100, 200 cedi banknotes - Ofori-Atta

Finance Minister Ken Ofori-Atta on Tuesday revealed that the cost of printing the new 100 and 200 cedi notes was 8.98 million dollars.

This is made up of US$4.45 million and US$4.53 million for the 100 and 200 cedi notes respectively.

Mr Ofori-Atta made the revelation when he appeared before Parliament to respond to a question by Mr Edward Kaale-Ewola Dery, Member of Parliament (MP) for Lambussie, as to how much it cost the state to print the new 100 and 200 notes.

The Bank of Ghana (BoG), in November 2019, launched the higher denomination of 100 and 200 banknotes. Additionally, the Bank also launched a new two cedi coin.

Mr Ofori-Atta also explained that US$5.39 million of the total contract sum had been paid.

He said the Central Bank is in the process of finalising its financial statements for 2019 and that further details of the cost of currency management would be provided in the Bank’s financial statements.

Mr Ofori-Atta also responded to a question by Mr Isaac Adongo, MP for Bolgatanga Central, on how much of the excess funds after capping the Stabilization Fund had been transferred to the Sinking Fund for 2017 and 2018 fiscal years.

He explained that pursuant to the Petroleum Revenue Management Act 2011, Act 815, a total of US$283,972,853.23, which was the excess over the capped amount of US$300 million, was for 2018 and transferred to the Sinking Fund for debt repayment.