Bank of Ghana To Supply More Coins

The Bank of Ghana is making efforts to supply more coins into the system. Since the introduction of the new Ghana Cedi and coins last year, 2007 Ghanaians have consistently complained of shortage of smaller note denominations and coins. The situation worsened when the old Cedi was phased out on January 1, 2008. Commuters, commercial drivers and market women have been complaining of shortage of smaller denominations of the new currency which has inadvertently led to increase in the prices of some goods and services. As a result of the inadequacy traders and drivers are unable to give change to customers and passengers. In some instances it has led to fights among passengers and commercial drivers. Meanwhile, some commercial banks say they have enough coins in their vaults to supply to the public. In an attempt to handle the situation, the Central Bank is meeting with officials of commercial banks and the Ghana Private Road Transport Union (GPRTU) of the Trades Union Congress (TUC). Dr. Ben Amoah, Head of Monetary Policy Analysis of the Bank of Ghana speaking to Joy News said, any one can walk into any commercial bank and change their old currencies for the new one. He also said if any one needs coins, they could also call into any bank and have them. Responding to the issue that some banks have designated specific branches for that purpose, he said, the Central Bank has an agreement with the Commercial banks to render the service to customers at all branches.