The bank however, has not indicated a time frame for the exercise.
In a press release copied to ghanabusinessnews.com Thursday February 25, 2010 the central bank says after reviewing the cash cycle in 2009, the bank found out that there was a lot of pressure on the GH¢1 banknote. This the central bank says has resulted in the lowest denomination of the Ghanaian currency circulating too fast and being over-used. The worn-out state of the GH¢1 the bank says defeats its Clean Note Policy, which seeks to ensure that only good quality banknotes remain in circulation.
When introduced, the bank believes, the new denomination will expand the series of banknotes in circulation, enhance exchangeability and facilitate transactions.
According to the statement, the general public will be informed and educated on the theme, colour, size, security and other features of the new denomination when the design is finalized.
Currently, there are five currency denominations in circulation in the country: these are the GH¢1, GH¢5, GH¢10, GH¢20 and the GH¢50 banknotes.
By Emmanuel K. Dogbevi