Story: Business DESK

Executive Director of Revenue Mobilisation Africa, Geoffrey Ocansey, has raised concerns over the timing of the withdrawal of 1 & 2 Ghana cedi notes from circulation.

He said although the practice was  a normal procedure to phase out currencies that wear out easily, the Bank of Ghana should have waited for the economy to fully recover from the Covid-19 pandemic before implementing the policy.

Mr Ocansey advised the government to embark on a sensitisation drive to educate Ghanaians on the proper ways to handle currency notes.

“The timing for such an action and the reason for withdrawing is what must be taken into good consideration. What triggered it is very important and for me looking at the Covid situation and various financial needs of the country, the timing is a bit poor, we should rather wait to relieve ourselves from the challenges that have come with the Covid before we embark on such an exercise,” according to Mr. Ocansey.