Ghanaians’ Perception and Evaluation of the New Ghana Cedi
Annabella Opare-Henaku, Edwin Clifford Mensah, Vivian A. Dzokoto

The current study was conducted 6 months after the New Ghana cedi became the sole legal tender in Ghana. Given that this was 6 months after the dual-currency use period, Ghanaians actually had used the new currency for at least 12 months before our data collection. Our goal was to assess personal experiences using quantitative method. Results revealed both positive and negative consequences of switching the currency. Portability, security and the ease of transactions were some of the reported benefits associated with the currency modification while the fear of misplacement, the possibility of counterfeits, increased cost of living, difficulty in calculating change and the inadequate supply of notes and coins were found to some of the reported downsides of the exercise. We also found that unmet expectations for the currency may explain level of satisfaction with the currency redenomination.

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