At the end of the week, I cease to be a millionaire

THe Bank of Ghana has decided to re denominate the Cedi by lopping off four zeros. Meaning one new Cedi (inventively referred to as the Ghana Cedi) will be worth 10,000 old cedis. This also means that a dollar will be worth 0.92 – 0.93 GHC

Sadly it also means that my bank will be taking four zeros of the money I have and ending my millionaire status. Ah well,  I guess its for the best.

More information and a look at the new currency here. You will note that in another fit of extreme inventiveness they have the same picture on each of the new bills. You can’t buy that kind of innovative thinking people.

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5 Comments on “At the end of the week, I cease to be a millionaire”

  1. Syreeta says:

    Will this change also effect cost… will it cause mass inflation?

    Just wondering

  2. eyedol says:

    @Syreeta. Not at all, just confusion.

  3. odzangba says:

    Yeah, and the suffering remains the same. 😀 Honestly, the only people this redenomination thing will benefit is rich people… people who handle lots of money. What do I care if I have to give out *one* Ghana Cedi note instead of *one* ø10000 note?

    Cheers,
    Odzangba

  4. kwasi says:

    Swann, good to see you about again 🙂

    and no, inflation is not supposed to be an issue. I’ll wait and see though

  5. granadamang says:

    Fear not. I was in Zambia when it went from the pound sterling to the Qwacha. The women learned real quick how to manage the new money.


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