Ghanaian Highlife artiste Rex Omar is worried that the introduction of the new GHS100 and GHS200 banknotes by the Bank of Ghana (BoG) will add nothing to the life of the ordinary Ghanaian.
The Governor of the central bank announced the introduction of the new notes at a press conference in Accra on Friday, 29 November 2019 with the explanation that the move is aimed at addressing the deadweight burden on the economy from the past inflation and cedi depreciation.
The BoG also introduced GHS2 coin.
However, the ‘Abiba’ hit singer believes the governing New Patriotic Party (NPP) goofed with the introductiin of the new banknotes.
Speaking on Daybreak Hitz on Hitz FM on Monday, monitored by BrownGh.com, he said the new banknotes have no importance in our society.
“What will benefit the ordinary Ghanaian on the street apart from the 4% or 3% people. Those people who don’t value any money because even though they’re living in Ghana, they are spending dollars and euros. Cedis doesn’t mean anything to them You know” Rex Omar said.
“We have to be very careful in this country and we are building a country and we cannot just get up and do things anyhow because it suits somr few people” he cautioned.
He argued that the Economic Community of West Africa States (ECOWAS) will be introducing a new currency, ECO for its member states therefore he does not comprehend why the rush to print new money.
Rex Omar also criticised the BoG for failing to educate the public through the National Commission of Civil Education (NCCE) about the printing of the new notes.
He, however, accused the NPP government headed by President Nana Addo Darkwa Akufo-Addo of having a hidden purpose for the introduction of the new banknotes.
He said the incumbent government has a history of introducing new currencies in the country, citing the Cedi redenomination in 2007 as his basis.