Currency Ghanaians question BoG over cost of printing the new GHC 5 note.

There are controversies over the printing of the new GHC 5 note. Ghanaians are asking the Central Bank to reveal the details of printing the new notes.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

Some Ghanaians have lauded the Central Bank of Ghana for embedding the image of Dr. James Emman Kwegyir Aggrey on the new GHC 5 cedi note as it commemorated its 60th Anniversary.

 

However, there are concerns over the printing cost and whether or not the BoG organized a competitive bidding process for awarding the printing contract.

READ ALSO:Here are all the features of the new GH¢5 note

This development some Ghanaians say is likely to end up in a fierce parliamentary debate akin to the 2007 cedi re-denomination exercise.

 

Most people are unaware of the cost of printing the new notes. They have also expressed their dissatisfaction with the inadequate public briefing by the Bank of Ghana (BOG) on the printing.

READ ALSO:Features of the new GHc5 note make it impossible to be counterfeited-BoG

The printing of the new currencies in 2007, generated a heated debate with respect to the cost, the then BOG Governor, Dr. Paul Acquah, could not tell the actual cost of the job, and the huge media campaigns which came with it.

 

Vice president Dr. Mahamudu Bawumia was  in-charge of supervising the 2007 re-denomination.

 

During the 2016 general elections, President John Dramani Mahama stated that his outfit was never briefed on the cost and procurement mode of the re-denomination exercise on 2007.

READ ALSO:Bank of Ghana is ignorant of online forex trading - Hebron Investments

Parliamentary debate on the 2007 currencies printed under the Kufuor administration has been unclear as details of the contract still in mystery.

Meanwhile, some have described the printing of the Five Ghana currency, as a waste of resources, since it is merely for commemorative purpose which will not replace the existing one.