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Bank of Ghana issues GH₵100 & GH₵200 notes

The Bank of Ghana has added two new currencies to our current. In a short ceremony at the head office in Accra, the governor, Mr. Addison launched the new cedi notes.

He said that the new notes “will only restore partially the dollar value of the higher denomination GH¢200 to about US$40, not quite close to levels in 2007, but high enough to significantly reduce the deadweight burden and high transaction cost in making high-value purchases in a cash-based economy like Ghana”

GH¢ 100 note.

He added that there will also be the introduction of GH¢ 2 coin. The new coin is to facilitate business transactions and also ease pressure on the cedi notes. Mr. Addison the Bank of Ghana will be embarking on a nationwide campaign to educate people about the new notes and coins.

GH¢ 200 note

He ended by saying that Ghanaians should always try to keep our notes clean. “The need to properly handle our banknotes is still of significant importance and we must strive to keep them clean at all times in line with the Bank’s Clean Note Policy. In other words, ‘KNOW THE CEDI AND KEEP IT CLEAN (KCKC)”.

GH¢ 2 coin

Download the full launch document here.

What do you think about the introduction of these new notes and coin? Leave your comments below.

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Imported rice is still cheaper than local rice – John Dumelo.

Rice producers in the country for the past weeks have issued concerns on the low patronage of the local rice. According to them, the government should address this to boost their market share and the economy.

They attributed the influx of imported rice as the main reason for the low patronage. They want the government to put a ban on the importation of rice. This is because they could enough rice to feed the entire country.

Actor cum politician, John Dumelo has also expressed his opinions about the whole saga. He stated that Ghanaians inability to buy local rice is a result of the high price. He said that imported rice was still cheaper after duties charged.

” It will interest you to know that imported rice( after paying all the shipping and duties pop at the port) is still cheaper than our local rice. Don’t get me wrong, I’m a farmer and a huge advocate for consumption of made in Ghana products but the patriotic patience of Ghanaians”.

Read also: John Dumelo pledges to donate 50% of his salary to Ayawaso youth.

He attributed the high price to the cost of doing business as a farmer. ” I’m a pig farmer. Do you know how frustrating it is when my clients prefer imported pork because it’s cheaper? Cost of doing business as farmers in Ghana is high. From the feed to taxes to labour.”

He further stated that once imported rice is cheap that will always be the option for people. “One it is cheap it is the best”.

The Parliamentary candidate for Ayawaso west believes if the cost of doing business as a farmer is reduced, prices will be affected.

Do you believe that he is being objective or being a politician? Comment below:

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Ghanaians are disappointed in Politicians- Peace Council Chairman.

The Chairman of the National Peace Council, Most Rev. Prof. Emmanuel Asante has attributed people’s objections to policies of government over the years due to the behavior of politicians in the country. He said that some Ghanaians are disgusted by the way Politicians conduct themselves at the national level and hence the unwillingness of some people in the country to support policies introduced by these parties.

He was speaking on Kumasi based Radio station, Angel Fm when he made this pronouncement. He said it was high time all stakeholders sat down to address the challenges of party politics because if some people believe it is not good for political parties to be involved in the district level, then it has the tendency of threatening national politics.

The host, Kwame Tanko asked the clergyman if he was in support of the policy to allow political parties’ participation at the Assembly level elections, he said there was nothing wrong with it. This is because political parties were secretly involved with district-level elections even though the laws of the country frowns upon it.

He said, “as a former Assemblymember, I know what I am talking about. Party lines are already working in the Assembly elections. Just check the colours of the contestants and you will know”.

He ended by saying that whatever he said was his personal opinion and believes that political parties must come together and work for the common good of the country other than that, the people will one day reject them.

Do you share the same sentiments with the chairman? Share your thoughts below:

Ghana signs $2.3bn concession for SkyTrain Project, first station to open in nine months

The government has signed the Concession Agreement for the construction of the Accra SkyTrain Project.

The deal was signed on the sidelines of the ongoing African Investment Forum, on Monday.

The signing of the SkyTrain agreement means feasibility studies to determine the bankability of the project will commence soon.

Investors have assumed that the first station for the Accra SkyTrain project will be opened in 9 months.

At the signing ceremony, President Akufo-Addo described it as “a happy day for Ghana and her good people.”

He added that it was a “critical step towards the consummation of this project.

The President further thanked the SkyTrain Consortium for backing the project which “is meeting an important infrastructural need.”

“That is what we are hoping for so that the people of Ghana benefit from the progress and the relief that a modern system of transport in our capital city is going to bring.”

In his remarks, Minister for Railways Development, Joe Ghartey indicated that the vision of the President included the construction of inner-city rails.

He added that other approvals needed for the project to fully take off will be given to make sure that construction starts.

“What we have signed is a concession agreement but we still have some work to do. We will work hard and work together. We think it is achievable, we must make it work,” Mr. Ghartey said.

The President of the African Development Bank, Akinwumi Adesina, in his remarks said President Akufo-Addo’s personal engagement and leadership made the signing of the concession agreement possible.

He further stated that the African Development Bank (AfDB) will continue to work with all other partners in the Consortium to make the Project a reality.

“What you are witnessing is very significant in another sense, this is Africa to Africa investment. This is an investment of 2.3 billion dollars made up of a consortium of South African investors that are investing in another African country.”

About SkyTrain

SkyTrain systems are pre-fabricated using precision molded, pre-stressed reinforced concrete components that are capable of being installed at a very rapid rate, meaning that there is minimal disruption and congestion in the urban area that is undergoing installation and commissioning.

The proposed SkyTrain initiative in Accra provides for the development of five routes, four of which are comprised of radial routes that originate at the proposed SkyTrain Terminal, at the heart of Accra, at a newly developed Kwame Nkrumah circle, and one route that provides and intra-city commuter loop distribution service, also emanating from Circle.

The Project envisages a total track length across all routes of 194 kilometers.

It is expected to ease the increasing road traffic congestion in Accra and boost economic activities in the capital city Accra.

The African Investment SkyTrain Consortium is made up Wilson Bayly Holmes, a construction engineering company in South Africa; BUNENGI Group, a project development company focused on developing projects in infrastructure; and Ai Capital, the investment and financing arm of the Ai Group, one of the most in influential international investment banking advisory groups focused on Africa.

source: ghanaweb.com

Do you think the country is ready for this? Share your thoughts below

Ghana receives first tranche “Sinohydro Money”.


According to the Vice President of Ghana, Dr. Mahamudu Bawumia, the Chinese government has released the first tranche of money under the Sinohydro deal to the government of Ghana. The agreement was a result of the Government of Ghana leveraging the country’s bauxite for development.

The Vice-President, Dr. Mahamudu Bawumia, who revealed this at the Jubilee House in Accra yesterday that the projects the money is going to fund are have been grouped into lots and are under review pending approval.

Major progress had been made, Dr. Bawumia stated, with the governments of China and Ghana determined to ensure the success of the ‘bauxite for development’ barter deal, which would see “the leveraging of a fraction of Ghana’s bauxite to undertake a massive overhaul of her infrastructural, industrial and agricultural base.”

The Vice-President made the disclosure at bilateral talks with a Chinese delegation. The Ghanaian delegation included the Chief of Staff, Mrs. Akosua Frema Osei-Opare, and Ghana’s Ambassador to China, Mr. Edward Boateng.

The Chinese side was led by the Vice-Premier of the State Council of China, Sun Chunlan, who is on a three-day official visit to Ghana.

Dr. Bawumia thanked the Chinese government for the Sinohydro facility. “I’m happy that Sinosure has approved the first lot of Phase One. We are happy with the progress”.

He further stated: “There was a time when people thought maybe it would not materialize but it has materialized and we hope that the rest of the first phase will come through by March of 2020”.

Do you think the money will go a long way to improve the infrastructural deficit in the country? Share your thoughts below:

Kejetia market is ready for use – Kumasi Mayor.

Mr. Osei Asibey, the mayor of Kumasi has stated in an interview with Ampretwum on Silva Fm that the new Kejetia market is ready for operations and that some of the stores have already been given out to the former occupants of the market.

This revelation came to light after the radio station called the Mayor to respond to some allegations which had been leveled against him and the Kumasi Metroplitan Assembly (K.M.A) by some members of the Central Market Traders Association. The Operations Director of the said group, popularly known as M.K, said, the Assembly was trying to move the opening of the Kejetia market to next year due to a so called “protocol list.

He added that some officials of the Assembly were trying to Push the reopening of the Kejetia Market toJanuary next year because some people “protocols” are yet to be served. He threatened that if the remaining keys of the original occupants are not issued by the end of the week, they will reveal the names of the officials who are behind this scheme.

The Mayor however, denied the allegations and asked the Operations Director to retract the false statement or provide proof to back his claims. He warned them (Association) to desist from activities that brought disrepute to the Assembly and rather channel their energies to getting their members to occupy the the stalls since nobody was preventing them from using the facilities.

Mr Osei stated that the new Kejetia is ready and have even employed the services of a Private Security, Cleaners, the Police and the Fire Service and are waiting for the members who have received their keys to start moving into theier stalls to commence business activities.