I will just be brief on this but I will end up demanding an answers from Dr. Addison and Nana Addo govt for my questions…
Look, in all over the world , recalibration or demonetization or changing of banknotes or coins could not just happen without reasons since all are sought to correct monetary wrongs in an economy.
And so in 2016 for – instance, central bank of India demonetised 80% of its licit money in circulation. Demonetization, as it was called, applied to 86% of the value of all currency in circulation. The goal was to eliminate fake Indian currency notes, curb terrorism, and force out stashed cash people had hidden purposely for tax haven.
And the cost involved in printing was hovering around 7965crore.
In the end there was some yields tho the very problems they sought to eliminate are still persisting.
Again, just few months ago in Kenya this year, the central bank of Kenya announced demonetization by introducing new banknotes in a bid to fight corruption… The Apex bank said the 1,000, which is the largest currency bill, was being used for illicit financial flows and forgery in Kenya and other neighboring states—a simmering time bomb threatening the East African nation’s place as a regional financial hub.
It cost them KSh22b to do this tho the impact is still not felt by the people of East African economic giant – Kenya .
Now, my homeland, first, there was printing of new notes which nobody was not told the reasons and the cost involved. As if that would do magic in the ailing economy to restore the image of Bawumia, but it did not.
Today too, new notes have announced. Really!
Now, the new 2gh coin… The questions are;
*Why the 2gh coin?
*Is BoG going to demonetised the 2gh note from the system or both will be in circulation?
*What are the reasons for the demonetisation of the 2gh if that is the case ? Have they been any suspicion of money laundering, tax haven or offshore operations in the system that have warranted this exercise?
*Can we know the full documents capturing the a comprehensive cost benefit analysis?
*Is there value for money?
Now the gh100 and gh200 notes respectively;
*Is it to make money at the expense of Ghanaians to engage in luxurious campaign in 2020 or of investors benefit?
*Or is the reason to fight corruption?
*Or is it not a way of admitting that your govt has failed – Nana Addo?
*Can this revive the financial sector that is around -17 % to GDP?
*Is this needful at this time?
*Or it is to shore up the imbalance in the general national economy confirmed by 59% Ghanaians following the Afro barometer (CDD) survey.?
*Look, Nana Addo, Bawumia, Addison and Kenbond , you are the biggest problem of Ghana. You have failed woefully…
To be cont!
Source: Amicus Curae