The Minority in Parliament is demanding the immediate withdrawal of the new denominations of the Ghana Cedi introduced by the Bank of Ghana (BoG).
A member of the Finance Committee, Benjamin Komla Kpodo, in questioning the timing for the issuance of new notes, insisting BoG withdraws it for further consultations.
“We do not have any law, asking them to come specifically to the house to seek permission to do so but they should have mentioned this to us [and] let’s talk about it,” he stated.
The Bank of Ghana on Friday, November 29, 2019, announced the introduction of the GH₵100 and GH₵200 notes which are expected to be in circulation next week
At a news conference in Accra on Friday November 29, the Bank of Ghana Governor Dr. Ernest Addison said the new notes will address “the significant increase in the demand for higher denomination banknote and increased cost of printing.”
Speaking to JoyNews Kwesi Parker-Wilson, Mr. Kpodo was of the view that the introduction of the new denominations will only increase the rate of inflation in the country’s economy.
He added that “even if we are to introduce it, it shouldn’t be beyond GH₵100.”