Chartered Economist, Amoah Darkwa has shared his opinion on the introduction of the higher denomination notes and put out some future problems that it could cause in the country.
Talking to host, Kwame Afrifa-Mensah on Happy FM’s Epahoa Dab3n show, he explained that according to the government the printing of the higher value cedi notes is because the cost of printing is high hence, they find it would be more convenient to print higher denomination notes since it comes at the same cost as printing lower denomination notes.
He added that another reason for the government’s decision is the low value of the Ghana cedi as compared to the dollar, euro and other higher currencies.
Mr. Darkwa however advised that the government instead of printing new notes, focus on making Ghana a cashless country, that is, by focusing on mobile banking and other forms of electronic money transfer.
He said, ‘’Ghana is now topping when it comes to patronizing mobile money so instead of printing higher denomination notes, it would be of greater help if they aimed at making Ghana a cashless country’’.
Furthering on why he does not agree with the printing of higher denominations, he stated that this will make Ghana more prone to corruption as people will begin to print more counterfeit notes. It will be of more profit to them if they are able to print higher value notes at the same price that it costs to print lower value notes.
By: Maureen Dedei Quaye