{"id":49223,"date":"2022-09-23T09:15:55","date_gmt":"2022-09-23T09:15:55","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=49223"},"modified":"2022-09-23T09:16:02","modified_gmt":"2022-09-23T09:16:02","slug":"another-re-denomination-of-the-cedi-imminent-ieas-kwakye","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=49223","title":{"rendered":"Another re-denomination of the Cedi imminent \u2013 IEA\u2019s Kwakye"},"content":{"rendered":"\n<p><strong>The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has indicated that another re-denomination of Ghana\u2019s currency, the Cedi, is about to happen following the rising rate of inflation and also the depreciation against the Dorla.<\/strong><\/p>\n\n\n\n<p>Unless the managers of the economy rein in inflation and depreciation, Ghanaians should expect another redenomination, he intimated.<\/p>\n\n\n\n<p>The August inflation has reached 33.9 percent. This is a 2.2 percent increase in the July figure of 31.7 percent.<\/p>\n\n\n\n<p>Dr Kwakye tweeted \u201cPhasing out 1 and 2 cedi notes from the economy as planned by BoG, will not only put pressure on the 5 cedi notes, but will also further fuel inflation.<\/p>\n\n\n\n<p>\u201cIf we don\u2019t rein in inflation and depreciation, it won\u2019t be too long before we undertake another redenomination.\u201d<\/p>\n\n\n\n<p>In July 2007, the Cedi (\u00a2) was redenominated to the Ghana Cedi (GH\u00a2), such that ten thousand Cedis was now equivalent to one Ghana Cedi.<\/p>\n\n\n\n<p>The re-denomination did not affect the intrinsic value of the currency \u2013 \u201cthe value will be the same\u201d.<\/p>\n\n\n\n<p>Two of the reasons given by the Central Bank for the re-denomination were the increasing difficulty in maintaining accounting and statistical records; and problems with accounting and data processing software.<\/p>\n\n\n\n<p><strong>SEND A STORY:<\/strong>\u00a0Do you have a story for us or need a promotion \/ advertisement? Submit them via our email\u00a0<strong><a href=\"mailto:dannyboy744@gmail.com\">dannyboy744@gmail.com<\/a>\u00a0and via on +233 266777777<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has indicated that another re-denomination of Ghana\u2019s currency, the Cedi, is about to happen following the rising rate of inflation and also the depreciation against the Dorla. Unless the managers of the economy rein in inflation and depreciation, Ghanaians should expect [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":49225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-49223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Another re-denomination of the Cedi imminent \u2013 IEA\u2019s Kwakye - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=49223\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Another re-denomination of the Cedi imminent \u2013 IEA\u2019s Kwakye - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has indicated that another re-denomination of Ghana\u2019s currency, the Cedi, is about to happen following the rising rate of inflation and also the depreciation against the Dorla. 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