The Bank of Ghana (BoG) last Friday organised a training workshop for journalists at Ho under the theme, “The Role of the Media Monetary Policy and Financial Stability Reporting”.
The participants were introduced to the BoG website and were lectured on the operations on the website, among others.
Speaking at the workshop, an economist from the BoG, Mr Francis White Loloh, advised the public to handle the cedi notes with care to minimise cost in printing new currency.
He explained that the BoG incurred significant cost in printing currency because the central bank had no printing press, which made the printing cost high as it was printed elsewhere.
The economist said that a lot of people folded and squeezed the notes in a manner that, it shred on daily basis, hence BoG incurred significant cost when printing new ones to replace the worn out ones.
Mr Loloh said that, the printing of high denomination did not necessarily amount to increase in money supply.
He explained that the cost incurred in printing five cedi note was the same cost incurred in printing 100 cedi note, “but the only difference is that five cedis is written on one and 100 cedis is written on the other.”
He said the media had been a strategic partner and important stakeholder in helping to communicate and sensitise the public about the bank’s policy decisions.
Mr Loloh said the workshop was timely, appropriate and marked the start of the journey to help the media understand the critical financial and economic issues that would help shape business discussions.
Madam Natalia Lawson of the Research Department of BoG, explained that all money lenders were regulated by the BoG, adding “they are to obtain license from BoG in order to operate in the country.”
She urged the public to draw the of BoG attention, when they chanced on any institution which operated without license.
GRACE SENAM KLAY, HO
