In November 2019, the government spent some $8.97 million on the printing and the introduction of the latest 100 and 200 cedi notes.
According to the Minister of Finance Ken Ofori-Atta, who answered questions during the questioning section by parliamentarians.
“This is made up of $4.45 million and $4.53 million for the GHS100 and GHS200 notes respectively,” .
He noted that “an amount of $5.39 million of the total contract has been paid.”
Why the need for new notes
The Bank of Ghana’s plan with the new notes was to address the dead weight burden on the economy from past inflation and cedi depreciation.
It also said the structure of the denomination has changed resulting in a shift in demand for higher denominations.
According to the Central Bank, GH¢50 and GH¢20 notes account for about 70 percent of the total demand of notes.
“Introduction of the higher value denominations in circulation are therefore necessary to ensure customer convenience, reduction in the costs of printing and other currency management processes,” the BoG Governor noted in November 2019.