As the country goes through an introduction of new currencies, SOS has taken steps to educate staff on the initiative. On June 20 and 22 in Tema and Asiakwa, staff and children were taken through a lecture on the re-denomination of the new Ghanaian cedi.

Mr. Fiifi Blankson, Deputy Chief Manager at the Monitory Policy and Financial stability Department of the Bank of Ghana (BoG), was resource person for the exercise.

The brief and concise power point presentation started with an introduction of of the whole re-denomination exercise and the benefits citizens will derive from it.

Mr. Blankson said since 1958 Ghana has experienced various currency reforms which ranged from the introduction of the Ghana pounds (£G) to the birth of the cedi (¢) Mr. Blankson explained that the new Ghana cedi and the Ghana pesewa as well as the existing cedi will be in concurrent circulation for a six-month transition period, commencing from 1st July 2007 to the end of December 2007.

He explained further that the current note regime places significant deadweight burden on the economy. As the economy grows increasingly complex in financial transactions, there will be difficulties in prices tagged at shops and supermarkets and inability to use vendor machines and car parking meters that are part of a modern growing economy.

He said experience in other emerging market economies in similar situations suggest that re-denomination of the currency by dropping zeros in the relative prices of domestic price leads to significant efficiency gains.

The Bank official also answered several questions from the staff and distributed materials on the currency re-domination. Students of the Hermann Gmeiner Vocational Center were also present at the forum. A similar exercise was held at the SOS Village in Asiakwa.

In a related development during the Ghana Day celebrations, mothers from Asiakwa also held a sketch to demonstrate the re-denomination exercise.

3 Hermann Gmeiner Schools Pupils attend UN Program.