Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG) has assured Ghanaians that the Central Bank has not shifted away from its policy of pursuing a cashless society and still remains committed to promoting the use of electronic payments.
According to him, BoG’s decision to introduce higher denominations was to ensure customer convenience, reduce high transaction cost and the cost of printing.
He indicated that a lot of thinking went into the decision to introduce the new denominations as Ghana needs banknotes that are convenient for most people to use.
The new GHc100 and Ghc200 bank notes come with security features that enhance machine readability and improve durability.
Dr. Addison said, “… while vigorously pursuing financial inclusion by accelerating the migration to e-payment platforms, we are also mindful of the relevance of cash in our day to day-to-day dealings…”
According to him, cash still remains the preferred medium of payment by the large informal sector in the country, hence the need to introduce the new denominations to align with their needs.