Evaluation of the challenges and benefits of the New Ghana Cedi to urban market women in the Accra Metropolitan Area

Thumbnail Image
Journal Title
Journal ISSN
Volume Title
Currency redenomination is not new to the Ghanaian economy. The 2007 redenomination exercise was necessitated by some reasons identified by the Bank of Ghana. Some of them include security, portability, difficulty in software and accounting procedure in the old Cedi. The purpose of the study was to evaluate the challenges and benefits of the usage of the New Ghana Cedi by urban Market Women after its introduction. The researcher adopted an accidental sampling method to collect both qualitative and quantitative data in order to achieve the research objectives. In total, 60 questionnaires were self administered in and around the Makola market area. The findings revealed that the major benefits of the new Ghana cedi to market women is the security as a result of the portability of the new currency compared to the old cedi. The major challenges identified in the study are difficulty identifying counterfeit notes, difficulty changing the Ghc50 note when customers buy from the market women and the difficulty in using the New Gh1 pesewa coin as many customers refuse to accept it as change from the market women.
A Thesis submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the degree of Commonwealth Executive Masters in Business Administration,