Ghana's New Money

Kufuor to visit South Africa on Sunday

President John Agyekum Kufuor, Chairman of the African Union, leaves Accra for Johannesburg, South Africa, on Sunday to attend the opening of the Seventh Ordinary Session of the Pan-African Parliament (PAF).He is scheduled to address the Parliament, the first time ever, by an AU Chairman.A press release signed by the Press Secretary and Presidential Spokesperson, Mr Andrew Awuni, said the Session would focus on four major issues - Environment and Climate Change, Peace and Security, NEPAD and the African Peer Review Mechanism (APRM) as well as the Union Government of Africa.

The PAP was established in March 2004 in accordance with Article 17 of the Consultative Act of the AU, as one of its organs provided for in the treaty establishing the African Economic Community signed in Abuja, Nigeria, in 1991.The release said whilst in South Africa, President Kufuor would also hold bilateral talks with his South African counterpart, President Thabo Mbeki and other senior Government Officials. He is expected back home on Wednesday, May 9.
Source:GNA

BOG Starts Circulating New Ghana Money Today

The Bank of Ghana (BoG) will this morning launch the new Ghana Cedis and Pesewas at the Bank’s auditorium, High Street Accra. The introduction of the new currency has become necessary as a result of re-denomination of the Ghanaian currency the cedi, which takes effect on July 1, 2007.

When the redenomination takes effect, ¢100,000 would represent the current ¢1,000,000.00 and ¢10,000 the current ¢100,000, while the current ¢10,000 would be the same as ¢1.00 within the new currency.According to the Ghana Central Bank however, the quantity and quality of goods that an equivalent of the money in circulation now can purchase would be the same as what the new cedi currency which would be launched tomorrow would be able to procure, hence the refrain that has run through adverts aired and played on air for some months now.Officials of the bank say the added advantage of the new currency is that it would be less cumbersome to carry and also enhance business transactions while maintaining the value of the Ghanaian cedi.

As to whether the new currency would match up with the major currencies of the world, Esi Hammond of the Public Relations Unit, Bank of Ghana asserted that the rate of exchange would still be determined by the market foraces of demand and supply. “It is not the redenomination or re-calibration of the cedis that would check prices and thus influence inflation but the interplay of sound macro-economic practices.Fiscal discipline is needed and when monetary policies go haywire that brings about inflation, but when government does its part and does not overspend, that checks rise in inflation which has been kept steady for a while,” the BoG official stated.
Source:GHP

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