The mood of Ghana’s economy and high denominational bill

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The last media publication, suggested to be a report from the Central Bank of Ghana declares a release of higher denomination bills at Gh₵100 and 200 respectively, with a ‘claim’ of deep thinking resulting in such action. I used the word ‘claim’ because there is no supporting white paper from the Central Bank defining the outcome of the Think Tank services resulting in the intent of distributing such high denominated bills at this time.

However, basic economic sense and history justify that;

[1] No import driven economy could glorify and vindicate itself in both medium and long term for accepting to produce high denomination bills to stand the test of time in terms of its purchasing power and parity with convertible currencies.

[2] If one chooses to disagree with my statement [1] then one should spend enough time to study the historic trend of issuing the higher denominational bill in America economy from 1862- 1923 and why all was stopped in 14th July 1969 and has currently been pegged at $100 and below. Then proceed to study the basic economic structure and character backing the sustaining value of such high denominational bills in Americans economy.

[3] Ask yourself, why up to date the Pound Sterling of United Kingdom’s highest denomination bill stands at £50 as the 4th most globally traded currency of the world?

[4] Find out what went into the decisions in necessitating the highest denominational EU bill from €100-500. And understand the economic structure of the 19 countries coming together to form the monetary union of Europe, which sustains the value of such a bill for a long period of time.

[5] Find out what necessitated the issuing of the higher denominated bill of Japanese Yen in ¥1000, 5000 and 10,000 and the challenges associated and the historical economic growth structure and regulation guiding the use of such high denominational note internally and the effect of sustaining such currency value.

[6] Find out, why China with an almost similar history of high denominational bill issuing like the USA and later brought it to an end by maintaining their highest denominational bill at 100 yuan and actions taken in terms of economic structure to sustain the currency value.

When we can have a white paper of the Central Bank proving all this thinking took place to necessitate the issuing of the 100 and 200 bills of Ghana currency, we will be okay to support the course and make an academic argument in favour of their effort.

Source: Emmanuel Tweneboah Senzu
Economist and International Investment Banker

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