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NEW CURRENCY DEFEATS GHANA’S CASHLESS ECONOMIC AGENDA -ECONOMIST

Government Plans to introduce New Currencies into the Economy is a sharp deviation from government’s Grand Plan of going Cashless says an Economic Lecturer at the Takoradi Technical University.

Speaking on Spice Fm’s flagship morning show ‘Adekye Mu Nsem’ with Osikani on the Central Bank’s latest announcement to introduce GH¢100, GH¢200 notes and a GH¢2 coin, Mr Emmanuel Benson, said that the move defeats government’s grand plan to go Cashless.

New currency spicemen

According him he doesn’t understand why government is making effort to go cashless yet introducing of new currency has become a priority.

“Since government has the intentions of making Ghana’s Economy Cashless and continue to adopt policies to go cashless I believe his focus should be working towards such an agenda, for example government’s plan to introduce A QR to enhance business transaction was a good call so why then a sudden deviation ?”

A QR code (short for “quick response” code) is a type of barcode that contains a matrix of dots. It can be scanned using a QR scanner or a smartphone with built-in camera. Once scanned, software on the device converts the dots within the code into numbers or a string of characters.

He is also questioned government commitment about the Economic Community of West African States’ (ECOWAS) Plan to introduce a single currency in January 2020 where countries within the West African sub-region will be able to use a single currency called ECO.

There is a social pressure on the use of high denominations in the country where Sellers become angry with Customers for using huge currency note to transact business especially the struggle that comes with finding a change for a customer. For example where sellers have to struggle to change 50Ghana Cedis note which many a time leads to quarrel among buyers and sellers, Mr Benson Emmanuel asserts.

He finally advised the Central bank to be consistent with its decisions to maintain the confident in the financial sector of the country.

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