The management of Bank of Ghana has begun destroying the current cedi notes that come into its vaults.
The measure is to create space at the bank's vaults for the new Ghana cedis, which would be in circulation from July 1 2007.
The Ashanti Regional Manager of BoG, Mr Chris Apau Oppong, who announced this said over ¢700 billion worth of the bank's notes had already been destroyed in Ashanti Region alone.
He was speaking at the Ashanti Regional branch of Agricultural Development Bank (ADB) public education campaign on the re-denomination exercise in Kumasi on Friday.
Mr Oppong said all the current bank notes that went to the bank would not be returned into circulation. He urged the banks to take advantage of the re-denomination exercise to encourage non-accounts holders to open accounts with them in order to mob up all cash into the banking system.
Mr Kwame Owusu-Kodua, the General Manager of Banking Services of ADB, said the bank had established currency exchange centres in all its branches and agencies to assist non-accounts holders to exchange their monies.
He said the bank was changing its cheque books to reflect the new currency and advised customers to start requesting for new cheque books to facilitate their transactions.
Source: GNA
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
Report tobacco users who smoke publicly – FDA advises
17 minutes -
Abdallah Ali-Nakyea elevated to Associate Professor at UG School of Law
46 minutes -
Kick2build commissions 5 libraries in Klo Agogo, donates school supplies
53 minutes -
Slim and Fit Ghana donates to kids at Motherly Love Orphanage in Kwabenya
1 hour -
We’ll be reorganising ourselves for the battles of tomorrow – NPP
1 hour -
Ghanaian teacher Morkporkpor Fiador’s GWR Read-A-Thon attempt postponed
1 hour -
Revocation of licences of UT, Capital banks were strict requirements from IMF – Dr. Addison
1 hour -
MP Cynthia Morrison among 280 members expelled by Agona West NPP
1 hour -
NPP to set up committee to investigate 2024 election defeat – Stephen Ntim
2 hours -
New Juaben North NDC executives intercept 24k bags of fertiliser at Koforidua
3 hours -
Luigi Mangione pleads not guilty to murdering healthcare CEO
3 hours -
GhLA opens applications for 2nd Edition of Youth Advocacy Challenge
3 hours -
Remote Work in Africa; the Doballi solution
3 hours -
Stephen Ntim rallies NPP members after 2024 election loss
3 hours -
AratheJay ignites the night with mesmerising ‘Nimo Live’ debut concert
3 hours