Bank of Ghana to introduce higher denominations of local currency

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The Bank of Ghana has said it plans to introduce two higher denominations of the cedi to boost the existing currency.

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This was made known by the governor of the central bank, Ernest Addison .

Mister Addison says that the face value of the cedi had eroded over the past 12 years compared with the US Dollar.

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The 100 Ghana cedis and 200 Ghana cedis are to ensure customer convenience and generate savings for the country.

The bank would also introduce new two cedis coin in addition to existing currency.

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The cedis recorded a 10.4 percent cumulative depreciation between January and September this year.

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