Central Bank to introduce 20,000 cedis and 10,000 cedis notes
Accra (Greater Accra) 04 July 2002 - The Bank of Ghana (BOG) on Wednesday said it would introduce ¢10,000 and ¢ 20,000 notes denominations before the commencement of the main cocoa season this year. The existing currency notes in all denominations would continue to circulate side by side with the new ones.
A press release signed by James A. Odei, Secretary of BOG, said the introduction of the higher denominations had become necessary because of the burden in carrying large volumes of cash for transactions and pressure put on Automated Teller Machines (ATMs) and other cash machines.
The release said it was also to curtail the unreasonably long periods spent to cash money from banks and ATMs and the high cost of replacing mutilated currency notes. It disclosed that the Bank spent ¢110 billion to print the new ¢10,000 and ¢ 20,000 notes and to replace mutilated ones in the denominations of ¢1,000, ¢ 2,000 and ¢ 5,000.
The statement said BOG saved about ¢ 13 billion through the opening of the printing programme to a selective tender process. BOG said it considered during the evaluation; appropriate security features, price competitiveness, track record and experience in other countries, concept of origination and design and ability to deliver the notes in time before the commencement of the main cocoa season.
It said it would conduct an extensive public education on the relevant features of the new notes as soon as the educational materials were ready. The Bank also advised the public that in view of the high cost of printing currency notes, utmost care must be taken in the handling of all notes to prolong their life to reduce the frequency of replacement.
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Accra (Greater Accra) 04 July 2002-The Ghana Stock Exchange ended higher Wednesday, with the GSE-All Share Index, the market's key measure, moving up 3.91 points to close at 1,230.99 points.
A total of 43,100 shares changed hands in a dormant market, which saw only six equities making sales. On the broader market, there were three positive price changes.
Unilever (UNIL) gained 50 cedis at 3,500 cedis, Ghana Commercial Bank was up 27 cedis at 3,250 and Fanmilk (FML) appreciated one cedi at 1,617 cedis. Market capitalisation was higher marginally at 4,443.52 billion cedis.
ABL 360
AGC 18,800
ALW 4,000
BAT 924
CFAO 60
EIC 4,200
FML 1,617 +1
GBL 900
GCB 3,250 +27
GGL 910
HFC 955
MGL 253
MLC 255
MOGL 19,000
AF 800
PBC 440
PZ 1,620
SCB 21,652
SPPC 372
SSB 3,700
SWL 285
UNIL 3,550 +50
CMLT 450
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