Business News of Monday, 20 August 2012

Source: The Chronicle

New GH¢50 notes hit market on Tuesday

The Bank of Ghana (BoG) has hinted that the much-awaited improved GH¢50 notes will start circulation from next Tuesday onwards, the acting Governor of the Bank of Ghana, Dr. Henry Kofi Wampah has disclosed.

The banking industry regulator on July announced plans to introduce the upgraded notes this month as measure to stop fraudsters from printing counterfeits of the notes.

The new GH¢50 notes, which has some security features the bank says would make it impossible to be reproduced by counterfeiters.

Some of the security features of the new notes are a cocoa pod which colour changes increasingly from bright green, like a young green cocoa pod to an intense blue, and a moving bean rises on the cocoa pod when it flips the bank note.

Officials of the Central Bank say the upgraded GH¢50 notes can easily prevent it from being reprinted by counterfeiters.

The size and colour of the upgraded GH¢50 Cedis is the same as the old one. The only difference between the two is that cocoa pod replace the holographic patch and that the number 50 at the bottom of the front is now green instead of gold.

The acting Governor of the Bank of Ghana, Dr. Henry Kofi Wampah told members of the Journalists for Business Advocacy (JBA) at a press soiree in Accra on Wednesday that the various banks were ready to welcome the new notes into the country.

The Journalists for Business Advocacy, in collaboration with the Institute for Financial and Economic Journalists (IFEJ) hosted the former Governor of the Bank of Ghana, now Vice President of the Republic of Ghana, Mr. Kwesi Amissah-Arthur to the press soiree.

The programme was attended by financial and business journalists, especially those who have consistently covered the Monetary Policy Committee Meetings during the governorship of Mr. Amissah-Arthur.

It also afforded the journalists the opportunity to interact freely with Mr. Kwesi Amissah-Arthur on economic issues confronting the Better Ghana economy.

The Vice President used the occasion to thank the journalists for their support during his tenure as the Governor of the BoG and appealed to them to extend the same support to him in his new role.