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Last updateThu, 02 Mar 2017 9am

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Old GH¢50 Notes No Longer Legal Tender

The Bank of Ghana (BoG) says that the old GH¢50 bank notes are no longer legal tender and so cannot be exchanged for goods and services rendered or in any transaction.

According to the bank, “the old GH¢50 bank notes ceased to be legal tender after September 30, 2012 and should, therefore, not be issued to members of the public”.

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Inflation Hits 3-year Highest

The national consumer inflation went up by 13.1 per cent in October: the highest on record in the last 3 years. 13.32 per cent was recorded in March 2010.

Transportation went up by 26.3 per cent, affected by increasing fuel prices. The biggest contributors to the national average were water and electricity.

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Banks Struggle over Deposits

The operations of some deposit-taking non-bank financial institutions (NBFIs), which promise colossal interest on deposits, are threatening universal banks that have to compete with them for deposits, Managing Director of CAL Bank Frank Adu has said.

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