The Bank of Ghana (BoG) has announced that it has put enough measures in place to ensure the success and sustenance of the redenomination of the cedi.
Dr Ernest K. Addison, Director of Research Department of the bank, speaking over the weekend said the redenomination exercises was very crucial to strengthen the Ghanaian cedi and facilitate business operations through the reduction of the amount of cash that businessmen needed to carry around for transactions.
Dr. Addison urged financial institutions as well as accounting staff to follow the technical guidelines that had been issued by the bank to ensure a smooth transition.
He said since the new currency would be in circulation alongside the present one for six months, there would be no need for people to rush to exchange their monies.
Dr Addison also addressed public concerns about the joint circulation of existing and the new Ghana cedi for a period of six months, saying it was feasible to do so to enable the people understand the conversion.
"You can still go to any bank and change the old currency after the six month period even though it would have ceased to be a legal tender," he said.
On foreign exchange, Dr Addison said the rates would be displayed as is done in the international market.
He cautioned the public not to engage middlemen when exchanging their money. They could become victims of fake currency dealers even though the new currency had security features built in them to forestall counterfeiting.
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