Why Introduce New Banknotes If ECOWAS Will Roll-out Single Currency In 2020? – Rex Omar Asks BoG

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Rex Omar

Rex Omar says there is no need to introduce a new banknotes, if the Economic Community of West Africa States (ECOWAS) will be rolling out single currency for its member states in 2020.

Contributing to discussions on Hitz 103.9FM’s Daybreak Hitz on Monday, the ‘Abiba’ hit singer, said the Bank of Ghana (BoG) should have known better and stop the introduction of the Ghc100 and Ghc200 banknotes.

“President Nana Akufo-Addo is spearheading the introduction of new currency, Eco in 2020. What is the need we spend our money to print Ghc100 and Ghc200. I mean how? This will be depression” he said.

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He said the ordinary Ghanaian does not benefit from the action by the Central Bank.

His comments comes after the Governor of the central bank, Mr Ernest Addison announced the introduction of the new notes at a press conference in Accra on Friday, 29 November 2019.

Mr Addison said 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.

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