BoG Ghc 100 & 200 Notes, What’s the reaction of Ghanaians?

The New 100 and 200 Ghana Cedis notes introduced by the Bank of Ghana, have become a serious liability for some Ghanaians as a significant number of people find it extremely difficult to transact business with the new denominations. Traders can transact business with ease using the smaller denominations instead of ‘Big Notes’ circulating in the market. can confirm that the new cedi notes have been widely rejected; particularly by traders, fuel stations and supermarkets. It is convenient for a market woman to attend to a customer with Ghc5 without necessarily having to ask for a change from a fellow trader. However, the newly printed Ghc100 and 200 make it difficult especially early in the morning when turnover is not really high. Some people are simply not convinced about the essence or notion behind the circulation of these new notes in the system.

Many traders and fuel station operators admitted difficulties in detecting whether or not the Ghc 100 & 200 are counterfeit. Hence, their unwillingness to accept them from unknown customers adding that they only accept the Ghc 100 and 200 notes from known customers they can easily identify and it is hindering their turnover.

Amid numerous complaints by some Ghanaians about difficulties they encounter in their business transaction with the new notes, reporter heads to the streets and interacted with ordinary Ghanaians and traders alike to find out their perceptions on the subject matter. This reporter went to fuel stations around Odokor, Mallam Junction, Ablekuma, Zongo Junction and Madina. These traders described the Ghc200 & 100 as useless and an attempt by some individuals to loot the state and enrich themselves.

Based on the reactions of the traders in areas mentioned above,  can conclude that indeed a significant portion of the population especially traders are not convinced about the impact of the new notes on the economy. For businessmen and women who happen to transact business with large sums of money, the new notes will be ideal in their business transactions.

Source: Faisal Mustapha