The Bank of Ghana(BoG) has issued new GHC100 and GHC200 notes concurrently.
Presumably, the GHC200 notes would be the highest denomination in the system.
It is unclear when the new notes will be in circulation.
Also a GHC2 coin has been introduced together with the two new banknotes.
Briefing the media on the move, the governor of the Central bank said: “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 US$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”.
