Ghanaians have since July 1 switched to a new currency, the “New Ghana Cedi.” It is of the same value as the old currency but with fewer zeros to it. The new denominated cedi seem to be receiving some good reviews, it has been described as been easier to handle.
This comes as no surprise at all as Ghanaians over the years have complained about the bulky nature of our currency. The introduction of the New Ghana Cedi has reduced the quantity of notes carried by people. Before the introduction of the new Ghana cedi, its was impossible to carry two million old cedis (equivalent of 186 US dollars) in a wallet but now I can carry five times the same amount in my wallet depending on the notes.
The new currency is a big deal because Ghanaians love handling cash. Most commercial transaction over the years have been carried out in cash and attempts by the banks to encourage cashless transactions among Ghanaians has yielded very little results. Ghana's first credit card was recently launched by Ecobank Ghana Limited. Even though debit cards, cheques and other means of payment exist, most people still prefer to receive payment in cash, which they consider safer that a personal cheques for example.
The new currency comes in the form of GH¢ 1, 5, 10, 20 and 50 notes and coins (one New Ghana Cedi is a little over a dollar). The new cedi nicknamed “The Kufour dollar” after the current president has the same value as old currency except it has fewer zeros than the old currency. The old currency was in one, two, five, ten and twenty thousand denominations. Ghanaians are still using the old currency alongside the new one until December 31, 2007 when the Bank of Ghana says it will phase it out of circulation.
Having used the currency myself for the past few weeks, I can’t but agree with other people that the new Ghana Cedi is convenient to carry around. I missed out on the public education carried out by the Bank of Ghana and other agencies, so it’s been a kind of crush learning experience for me. However, the conversion chart prepared by the Bank of Ghana has indeed been helpful in converting the old cedi to the new Ghana Cedi.These charts are boldly displaced at commercial premises, coupled with television and radio advertisements. This public awareness campaign has been successful by all standards.
I was scared of not being able to convert the old cedi into the new one but that has rather been easy to handle. I am however challenged by the new Ghana pesewa’s. The pesewa’s come in one, five, ten, twenty, fifty denominations. Ten new Ghana pesewa’s is equivalent to one thousand old Cedi.
Others also have raised concerns with the new Ghana pesewa’s too. Akua is a mother of two and with a toddle in her house; she is worried the coins could pose a danger to kids. She says the one, five and ten new Ghana pesewa’s are too small and could easily be swallowed by kids, she therefore urges parents to keep the coins safely in the home.
I spoke to a cross section of people in my neighborhood to find out their views on the new cedi and here is what they had to say:
“I am not conversant with the coins yet so I am unable to speak much about them but the new note is making shopping interesting. I carry a few notes to the market and it’s more than enough for my weekly shopping. Recently I withdrew thousand five hundred New Ghana Cedi (fifteen million old cedis) was able to carry that in an A4 envelope.” - Josephine
“The new notes are portable and easy to handle. The coins are a bit of a challenge for me. I went to the bank recently to withdraw one million cedis ($100) and the entire amount was in coins. It wasn’t fun carrying so many coins in my purse.” - Adelaide
“It is my expectation that, the introduction of the New Ghana Cedi will help curb spate of bag snatching from bank customers. Because the old currency was bulky, thieves would easily identify people carrying huge sums of money when they walk out of the banks and follow them to snatch it. I am hoping the news notes makes it possible to outwit thieves who are always looking out for people coming out of banks with bulky bags.” - Maame Esi
“Its convenient, fits in you wallet and easier to manage but the coins are too small.” - Akua
“What happens is that when you withdraw money from the ATM, the amount is usually disbursed in multiples of 10 Ghana cedi, when you go shopping with it, it’s sometimes difficulty for traders especially to find change. Also, the last time I went to the bank I was given 100 Ghana cedi ($100) in coins, I had to carry that in a bag because there was no way my wallet could hold that. I would prefer a five Ghana cedi note as well instead of the coin.” - Augustus
“I like the new pesewa’s, considering that most people don’t handle the notes very well, the coins will last longer than the new notes. Take for example traders who sell fresh fish at the markets, they stain the notes and I am afraid the new notes may be damaged soon. - Kwesi
