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Fri, Sep

BoG clears air on new GHC5 denomination

Business & Economy

Bank of Ghana insists there was no political interference in management's decision to print the GHC5 commemorative bank note and has consequently urged Ghanaians to disabuse their minds of such erroneous notion.

Bank of Ghana insists there was no political interference in management's decision to print the GHC5 commemorative bank note and has consequently urged Ghanaians to disabuse their minds of such erroneous notion.

 

Edward Mussey, head of communication, said this at a staff and media encounter in Takoradi last week to sensitize them on the unique features of the commemorative note.

"Take politics out of it because BOG singlehandedly took that decision to print new GHC5 note long before the celebration of Ghana's 60th anniversary", he stressed.

The BOG head of communication recalled that the decision to print the new GHC5 note followed findings in a survey conducted somewhere last year that a greater percentage of the old currency had become dirty and worn out and therefore needed replacement.

His statement was in response to a question as to whether it was President Nana Addo Dankwa Akufo-Addo who directed management of BOG to print the new note after assuming office.

The questioner, a journalist,  had said information available to him was that the printing of the GHC5 commemorative note was a calculated move by President Akufo-Addo and his ruling NPP to downplay Dr Kwame Nkrumah's role in Ghana's political history.

According to the journalist, use of Dr  Kwegyir Aggrey's image on the commemorative note instead of that of Dr Kwame Nkrumah or anyone of the Big Six was strategic.

But Mr Mussey stressed that neither the President nor any government functionary had a hand in the exercise.

He explained that printing of new currencies go through processes and that it takes not less than six months before it comes out as legal tender.

He argued that since BOG came out with the new currency on March 4 this year, 35 days after the swearing in of President Nana Akufo-Addo, there was absolutely no way that he could have influenced management's decision.

He noted that Bank of Ghana which was established and governed by law operates as an independent entity and can therefore not be manipulated or dictated to by anybody, adding  that "the politicians are in their world just as BOG is also in its own world.”

Responding to the Bank's reason for settling on the GHC5 out of the other denominations, Mr Mussey said the choice followed management's conviction that it is the widely used currency amongst Ghanaians.

He however declined to disclose cost of printing saying it is very insignificant and therefore not worth quoting.

 

 

 

 

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