It was officially announced by The Bank of Ghana on Friday, 29th of October. Two extra notes, 100cedis and 200cedis denominations would be printed so as to ensure customer convenience and bring about efficiency in the printing of currency to generate savings for the country.
Announcing the decision at a news conference, governor of the central bank Ernest Addison said the bank would also introduce a new two cedis coin in addition to existing coin categories of the currency.
He explained that the face value of the cedi had eroded over the past 12 years, compared with the U.S. dollar.
“When it was introduced 12 years ago, the value of the redenominated currency was 0.92 Ghana cedis to one US dollar.
“Twelve years after the redenomination exercise, sustained periods of high inflation and the perennial depreciation of the currency have eroded, in real terms, the face value of the series of the notes.’’
According to him, in 2019 alone, the cedi recorded a 10.4 per cent cumulative depreciation between January and September