Ghana’s central bank has announced the introduction of GHC100 and GHC200 notes.
This means the current highest note in the country GHC50 will cease to enjoy that relevance.
It is unclear when the new notes will be let in circulation.
A GHC2 coin has also been introduced.
Briefing the media on the move, the governor of the Central bank said: “The redenomination exercise aimed to eliminate four zeros from the existing units of currencies in an attempt to introduce efficiency in the economy and removes the dead-weight burden associated with transactions.
“At the time of the redenomination, the GH¢1 was equivalent to US$1, the highest denomination then was the GH¢50 which was equivalent to the GH¢50. Twelve years after the redenomination exercise, sustained periods of high inflation and the perennial depreciation of the currency has eroded in real terms the face value of the series of notes”.
Source: Emmanuel Amewugah, Daily Mail GH