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Introduction of ¢500 coin false – BoG denies issuing higher currency

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Bank of Ghana (BoG) has debunked reports of issuing ¢500 coin, insisting it has no immediate plans of issuing higher denomination for circulation.

There have been reports that the Bank is working to introduce the coins – samples of which have been circulated on social media platforms.

Speaking to Joy Business, the Director for Currency Management at the BoG, Dominic Owusu said the reports are false.

He pointed out that the BoG will always embark on an extensive public and media education before it introduces new notes or coins into circulation.

“When there is a currency issuance or change, the Bank of Ghana will come with an appropriate press release to inform the public. We saw on social media that the central bank will issue a ¢500 note or coin but the bank has not done any such thing. So it’s not true, “he said.

Mr. Owusu explained that the introduction of a new currency or withdrawal of same is an important exercise that is always thoroughly planned by the Bank of Ghana before executed.

This, he said enables the public to understand the value and usage of such currencies.

He urged the public to disregard social media stories that suggest that the Bank of Ghana is introducing new currencies without official statement from the bank.

Touching on reports that the one pesewas coin is no longer a legal tender and it’s out of circulation, Mr. Owusu maintained that the coin should be used for transactions and must be accepted by customers.

“That’s why we are here, so help us to circulate those information that those coins are still legal tender and must be used for transactions. The central bank has not demonetize the one pesewa coin,” he maintained.

The Bank of Ghana however said it remains committed to embarking on various sensitisation programmes to educate Ghanaians on how the currency can be handled.

“We want the education out there for people to learn how to handle the cedi not to worn out. That’s why you journalist are here and I want you to help the central bank in that quest. The bank is also doing its part and will make sure all is done to save the cedi”, he added.

Eye witness to any social issue, occurance or any form of information you would like to share, kindly send via Email : modernnewsgh@gmail.com or WhatsApp : 0553506856 / 0246319949

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Gov’t to restrict importation of rice, ‘yemuadie’ and other products

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The government is set to lay before Parliament today, November 21, a Constitutional Instrument (C.I) seeking to restrict the importation of selected strategic products into the country.

The items, numbering over 20, will include rice, tripe (popularly called “yemuadie” in Ghana), and diapers.

The government said the move is part of efforts to enhance local production.

Speaking during a press briefing in Parliament, the Minister of Trade and Industry, K.T Hammond said, “Stomach of animals, bladder and the chunk of intestines (yemuadie), the country had had to put in an amount of about $164 million towards the importation of these items. We are taking steps to ensure that in terms of rice, there’s no poverty of rice in the country.”

He emphasized, “By these restrictions, we are not going to ensure that there’s no food in the country at all; that is not the point at all. There have to be some efforts by the government to ensure that we go back to Acheampong’s operation feed yourself. There are about 22 items on the list, one of them, I think, is diapers.”

He announced the introduction of the Ghana Standards Authority Regulations 2023, which also seeks to streamline the manufacturing of cement to ensure competitive pricing.

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Mahama doesn’t understand 24hr economy; don’t vote for him – Bawumia

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Vice President Dr. Mahamudu Bawumia says former President John Dramani Mahama does not understand the 24-hour economy policy he is proposing.

According to the Vice President, that policy is already being implemented in the country, as hospitals, fuel companies, among others, operate a 24-hour system.

Dr. Bawumia, therefore, urged Ghanaians to ignore Mahama during the 2024 polls since he has nothing new to offer and vote for the New Patriotic Party.

“John Mahama says he has a new idea. What is the idea? He says he wants a 24-hour economy. He doesn’t even understand that policy. Today in Ghana, our hospitals work 24 hours, our electricity company works 24 hours, our water company works 24 hours, our fuel stations work 24 hours, and many chop bars work 24 hours. Today because of digitalisation, you can transfer money 24 hours, you can receive money 24 hours… So he doesn’t understand his own policy. It doesn’t make sense.”

“So I want you to vote for me in 2024 because I will bring a new vision, I will bring a new policy. Mahama is the past, Dr Bawumia is the future. If John Mahama was there, we would say we have a dumsor economy, you can’t have a 24-hour economy in dumsor. So, you want to vote for Dr Bawumia in 2024, we will take the country to new heights,” Dr Bawumia stated.

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Bagbin rebukes IMF over alleged pressure to pass some bills under certificate of urgency

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The Speaker of Parliament, Alban Bagbin, has accused the International Monetary Fund (IMF) of pressuring the House to pass a number of bills under a certificate of urgency.

Mr. Bagbin cited bills such as the Affirmative Action Bill, which is allegedly being pushed by the IMF as part of the conditionality for the balance of the $3 billion credit facility for Ghana.

Speaking at the Speaker’s Breakfast Meeting on Monday, Alban Bagbin insisted that the House will not be coerced by the IMF to pass the bill.

“Even in this budget, you can see the arm of the IMF in a lot of provisions in the budget. A critical bill like the Affirmative Action Gender Equality Bill has come to Parliament under a certificate of urgency. Please, it won’t happen; we won’t pass it under a certificate of urgency.”

“There are critical stakeholders we must consult and make sure we go together. We will not be dictated by the IMF; that one, you can be assured. This is a very critical bill that the IMF should know that we need the buy-in of the stakeholders to be able to implement it,” Alban Bagbin said.

The Affirmative Action Bill, when passed into law, would seek to expunge the historically low representation of women in decision-making spaces and promote democracy and development through all-inclusive participation.

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