BoG to establish new cash centres in Ho and Tamale

The Bank of Ghana is set to establish new Cash Centres at its Ho and Tamale Regional Offices, according to recent developments. This move is part of the central bank's efforts to enhance access to currency services and bolster cash management throughout Ghana. Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, revealed this during the launch of the Ghana Cedi Heritage Series Notes at Bank Square in Accra.

The new Cash Centres will ensure currency services are more readily available to businesses, financial institutions, and the public, thereby supporting the efficient distribution and management of banknotes. Dr Asiama highlighted that these centres are aligned with the Bank's broader strategy to modernize its currency operations and bolster the infrastructure supporting the handling of physical cash.

The planned facilities will augment the Bank's existing Currency Processing Centres, which employ advanced banknote processing systems to sort, authenticate, and eliminate unfit notes from circulation. Dr Asiama emphasized that these systems maintain the cleanliness and genuineness of banknotes in circulation. Additionally, the Bank is bolstering its technological capabilities by developing the Enterprise Currency Operations Management Software (ECOMS), an in-house system intended to coordinate currency operations between the central bank and commercial banks.

These measures aim to maintain the accessibility, reliability, and efficient management of physical cash as Ghana continues to expand its digital payment systems.