Financial expert Mr. Kwabena Hene Ntiamoah has said that the introduction of the new Gh₵100 and Gh₵200 denominations by the Bank of Ghana is likely to cause inflation. However, measures can be taken to prevent the possible inflation.
He was speaking in an interview with Happy FM’s Kwame Afrifa Mensah on the ‘Epa Hoa Daben’ show.
“Even though the new notes are for convenience, it is equally important that we acknowledge that this can cause inflation. However, this can be prevented if we manage the new notes wisely. If the money is widely circulated, inflation will happen”, he said.
He advised that Ghanaians invest more into cashless transaction. According to him, the population that patronizes the cashless system is less, and as such the advocacy for the use of the cashless system will be heightened to keep the new currencies in good condition.
The Bank of Ghana has announced new cedi notes which it believes will help shore up the value of the currency. Ghana will now issue GH¢100 and GH¢200 and the GH¢2 coin.
By: Alberta Dorcas N D Armah