Explaining the rationale for the development, the governor said the face value of the cedi compared to the US dollar over the past 12 years had eroded due to sustained periods of high inflation and depreciation.

He believes that the new currencies will help shore up the value of the currency.

The redenomination exercise aimed to eliminate four zeros from the existing units of currencies in an attempt to introduce efficiency in the economy and removes the dead-weight burden associated with transactions.

At the time of the redenomination, the GH¢1 was equivalent to US$1, the highest denomination then was the GH¢50 which was equivalent to the GH¢50. Twelve years after the redenomination exercise, sustained periods of high inflation and the perennial depreciation of the currency has eroded in real terms the face value of the series of notes,” he said.