According to the Ranking Member of Finance Committee of Parliament, Cassiel Ato Forson, the introduction of the higher value notes would be thoroughly investigated by the NDC government if it wins power in the 2020 polls.
The Minority in Parliament has stated that there was no need for the introduction of a higher denomination beyond the GH¢50 note by the Bank of Ghana (BoG).
GH¢100 and GH¢200 note
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"With the advances in payments systems across the country as well as digital finance, coupled with the move toward promoting a cash-lite society, there was no need to introduce a higher denomination beyond the GH¢50 note," he said.
The central bank reacting to comments by former President John Mahama that the introduction of the new notes was done on the blind side of Ghanaians said the introduction of the new higher denomination banknotes it issued recently was the result of a well-thought-out currency reform programme.
Mahama, speaking at the 38th Anniversary celebration of the 31st December Revolution at Winneba in the Central Region said the proper system for the introduction of the new notes was breached by the central bank.
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Cassiel Ato Forson
Pulse Ghana
"The public was ambushed. One day we just got up and they said they are introducing new notes. No public sensitisation, the banks received no notification…Somebody takes it to a shop and they say we don’t know about these notes," he noted.
The central bank in November 2019, introduced GH¢100, GH¢200 notes as well as a GH¢2 coin as part of the country's denominations, a development it believes will ensure customer convenience, reduce high transaction and printing cost as well as currency management.
But the NDC MPs said, "there is no need to add ₵100 and ₵200."
"The denomination structure comprising the ₵2-note, ₵5-note, ₵10-note, ₵20-note, and ₵50-note still aligns well with the needs of Ghanaians who use it for their daily transactions," the Minority said in a statement.
