Dr. Sidi Ali , an Economist has advised the central bank to initiate a cashless economy rather than introducing new higher denominations.
Governor of the central bank, Dr Ernest Yedu Addison, announced the introduction of ¢100 and ¢200 notes to the country’s currency denomination Friday November 29.
Also, ¢2 coins have been introduced.
The new notes which go into circulation Friday were unveiled at a press conference at the Banking Hall of the Bank of Ghana (BoG).
But Dr. Sidi Ali speaking to Akua Nyarko Abronoma, Host of Dinpa anopa bosuo on Dinpa 91.3FM Monday December 2 said: ” The vice President has always advocated for a cashless Ghanaian economy which is the best way I think we should go. However, if he Bank of Ghana introduces new higher denominations then there appears to be no cohesion between the BoG and the head of the Government economic management team”.
He explained that, the central bank should rather initiate a cashless system where traders could withdraw huge sums of money from their mobile money wallet than putting limitations on the daily amount that can be withdrawn.
” The moment you (BoG) introduces higher denominations, then we are still encouraging the use of cash as a medium of transaction. The cashless system would be more efficient and save for our traders “, Dr. Sidi Ali noted.