1. Ghanaians Urged to Embrace e-Payment as a lifestyle in 2020
  2. Ghana’s Payment System Is Challenged-Kweku Adoboli
  3. Dangers Of Large Currency Denomination Notes
  4. Bank of Ghana Introduces Higher-Denomination Banknotes and Coins
  5. Fintechs and MoMo Operators to Acquire License by June 2020-BoG
  6. GCB Bank To Issue Electronic Money
  7. Digitization Key to Formalizing Ghana’s Economy
  8. Google to Offer Checking Account
  9. Mobilemoney Interoperability Crosses GH¢90 billion
  10. Ghana to Launch a Universal QR-Code For Payments
  11. AirtelTigo Appoints New CEO
  12. Wirecard Acquires Chinese Payments Group for €109m
  13. Apple Pay Tops Mobile Payment Apps
  14. Verve Cards Launched in Ghana
  15. Ransomware Hits Billtrust
  16. The Catholic Church Launches Digital Rosary
  17. Payments Systems and Services Bill Passed
  18. GTBank Launches Virtual Cards to Promote Online Shopping
  19. MTN Ghana: “More Taxes Would Injure The Mobile Money Sector
  20. PwC Unveils New Tool For Auditing Crypto Transactions
  21. Bitcoin on Track For Best Second Quarter Price Gain
  22. Mobile Money Operators to Face Minimum Capital Requirement-Bank of Ghana
  23. Facebook Moves Towards Payments and E-commerce
  24. BoG to Enforce Rules on Cash Declaration at Kotoka International Airport
  25. India Moves to Ban Cryptocurrencies
  26. Fintech: Redefining Payments in Africa
  27. Ghana’s Tax Filing To Go Digital
  28. MTN Deepens Financial Inclusion For Women In Ghana
  29. Apple Launches a New Credit Card
  30. IT Consortium Is ISO 27001:2013 certified
  31. 8 Services You Don’t Know Exist On MTN Mobile Money
  32. Second phase of mobile money interoperability launched
  33. African Banks Must Work With Fintech Startups
Wednesday, January 29, 2020
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  1. Ghanaians Urged to Embrace e-Payment as a lifestyle in 2020
  2. Ghana’s Payment System Is Challenged-Kweku Adoboli
  3. Dangers Of Large Currency Denomination Notes
  4. Bank of Ghana Introduces Higher-Denomination Banknotes and Coins
  5. Fintechs and MoMo Operators to Acquire License by June 2020-BoG
  6. GCB Bank To Issue Electronic Money
  7. Digitization Key to Formalizing Ghana’s Economy
  8. Google to Offer Checking Account
  9. Mobilemoney Interoperability Crosses GH¢90 billion
  10. Ghana to Launch a Universal QR-Code For Payments
  11. AirtelTigo Appoints New CEO
  12. Wirecard Acquires Chinese Payments Group for €109m
  13. Apple Pay Tops Mobile Payment Apps
  14. Verve Cards Launched in Ghana
  15. Ransomware Hits Billtrust
  16. The Catholic Church Launches Digital Rosary
  17. Payments Systems and Services Bill Passed
  18. GTBank Launches Virtual Cards to Promote Online Shopping
  19. MTN Ghana: “More Taxes Would Injure The Mobile Money Sector
  20. PwC Unveils New Tool For Auditing Crypto Transactions
  21. Bitcoin on Track For Best Second Quarter Price Gain
  22. Mobile Money Operators to Face Minimum Capital Requirement-Bank of Ghana
  23. Facebook Moves Towards Payments and E-commerce
  24. BoG to Enforce Rules on Cash Declaration at Kotoka International Airport
  25. India Moves to Ban Cryptocurrencies
  26. Fintech: Redefining Payments in Africa
  27. Ghana’s Tax Filing To Go Digital
  28. MTN Deepens Financial Inclusion For Women In Ghana
  29. Apple Launches a New Credit Card
  30. IT Consortium Is ISO 27001:2013 certified
  31. 8 Services You Don’t Know Exist On MTN Mobile Money
  32. Second phase of mobile money interoperability launched
  33. African Banks Must Work With Fintech Startups

Bank of Ghana has introduced GH¢2 coins and GH¢100 and GH¢200 notes in the country’s currency denomination mix. This was announced by the Governor of the Central Bank, Dr. Ernest Addison at a press conference in Accra on Friday.

Explaining the rationale for the development, the governor said the face value of the cedi compared to the US dollar over the past 12 years had eroded due to sustained periods of high inflation and depreciation. He believes that the new currencies will help shore up the value of the currency.

“The redenomination exercise at the time was to eliminate four zeros from the existing units of currencies in an attempt to introduce efficiency in the economy and remove 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 $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,” he said.

Since 2015, there have been various rumours about the introduction of new denominations but the Central Bank denied such rumours. In March 2017, it introduced a new GH¢5 note as part of celebrations marking its 60th anniversary. The new note continues to be in circulation alongside the already existing note of the same value.

Two years later, in May 2019, it upgraded all the banknotes excluding the GH¢5 and GH¢2 notes. The upgraded banknotes had enhanced security features in line with evolving changes in the technological landscape. They also had improved durability and machine readability.

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