ACCRA, Nov. 29 (Xinhua) -- Ghana will introduce two higher denominations of the local cedi currency to complement the existing series, the Bank of Ghana announced here on Friday.
The 100 Ghana cedis and 200 Ghana cedis denominations are to ensure customer convenience and bring about efficiency in the printing of currency to generate savings for the country.
Announcing the decision at a press conference, governor of the central bank Ernest Addison said the bank would also introduce a new two cedis coin in addition to existing coin categories of the currency.
He explained that the face value of the cedi had eroded over the past 12 years, compared with the US Dollar.
When it was introduced 12 years ago, the value of the redenominated currency was 0.92 Ghana cedis to one US dollar.
"Twelve years after the redenomination exercise, sustained periods of high inflation and the perennial depreciation of the currency have eroded, in real terms, the face value of the series of the notes," Addison said.
This year alone, the cedi recorded a 10.4 percent cumulative depreciation between January and September.
