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Business News of Friday, 28 February 2020

Source: GNA

Counting machines help maintain integrity of money business - BoG

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Mr Kennedy Adu, Director of Banking Department at the Bank of Ghana (BoG) on Thursday said improved money counting machines will help maintain integrity in the business of counting money.

Mr. Adu said there is the need to ensure the integrity of cash transactions in the country and it could only be achieved through usage of improved equipment to facilitate banking activities.

The BoG Director stated this at the Product Exhibition and Launch of new money counting machines by Krif Ghana, in Accra.

He said it is important that when you are being paid money, it is the exact amount you are expecting and it is very important that Banks are able to detect counterfeits, shortages, and mixed denominations in a bundle.

Mr Adu reiterated the need for stakeholders to join forces to chase out those who are involved in counterfeiting; “It is very important that we come out with equipment that will help us maintain the integrity in money business”.

He noted that highly improved new counting machines would help banks to sort out their currencies smoothly and prevent sanctions from BoG.

Rev. Kennedy Okusun, the Executive Chairman of Krif Ghana, said the new machines were introduced as a result of difficulties in counting the newly introduced currencies by some customers.

As a result, they teamed up with manufacturers of the money counting machines, Olympia of Germany and Magner of USA, to introduce new money handling machines of exceptional qualities onto the Ghanaian market.

He said the Olympia NC-540, Olympia NC-540, Olympia NC-620 had been specifically designed for the Ghanaian currency and would be able to count both the existing and the new cedi notes perfectly without any hitches or flaws.

“These machines do not make errors. Efficiency and accuracy are their hallmark and these are what we put at the disposal of everyone on the Ghanaian market,” he said