Graphic Ghana - News

Coins which become extinct in everyday trading activities are being revived through the re-denomination of the Ghanaian cedi.
Once again, the Ghanaian pesewas, which were not valued, and, therefore, were not legal tender, will soon be in circulation beginning from July 1 this year.
The new pesewas are the one Ghana new pesewa, five Ghana new pesewa, 10 Ghana new pesewa, 20 Ghana new pesewa and the 50 Ghana new pesewa.
These pesewas will assume their role as the means of exchange and store of value for all, both within and outside the banking system.
Last Thursday the Bank of Ghana unveiled a new family of Ghana cedi notes and coins which will replace the current cedis, effective July 1 this year.
The Ghana Coat of Arms is shown at the back of all the new series of the coins and this captures among other things, the mineral and agricultural wealth of the country, the continuing link between Ghana and the Commonwealth, the lone star of African freedom and the national aspirations.
On the front of each coin is a different image symbolising some aspect of the Ghanaian heritage and tradition.
The one Ghana pesewa (Gp1) has an image of the Adomi Bridge, indicating the significance of infrastructure and the free movement of goods and people in a united country.
The five Ghana pesewas (Gp5), which is equivalent to today’s ¢500, shows a horn blower, symbolising the traditional mode of communication in the country, while the 10 Ghana pesewas (Gp10), equivalent of ¢1,000, has a book on the reverse, emphasisising the role formal education plays in a democratic society.
The 20 Ghana pesewas (Gp20), which is equivalent to the present ¢2,000, has a cocoa pod which depicts the agricultural wealth of the country and the inmportance of cocoa in the Ghanaian economy.
The 50 Ghana pesewas (Gp50), which is worth ¢5,000 today, has an image of a market woman, which symbolises the significance of women in business and their contribution in building the Ghanaian economy and the society as a whole.
Also to help in the economic transaction is the one cedi coin in addition to the one cedi note. The cedi coin has the image of the scale of justice which characterises equity and fairness in the delivery of justice and re-enforces the rule of law in the country.
Dr Paul Acquah, who unveiled the notes and coins said the re-denomination should not be seen as just another currency exchange, but rather an important means in promoting efficiency in the way business was conducted in the country.
The fight over change at marketplaces, lorry stations and in other petty transactions will ease to some extent with the re-introduction of coins into the economy. Coins will now regain their lost values in everyday transactions.

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