This comes after the central bank introduced the new GH¢100, GH¢200 notes and GH¢2 coin.

The Governor of the bank Dr Ernest Addison said the decision to develop the new notes was carefully thought through.

“A lot of thinking went into the decision to introduce the higher denomination banknotes,” he said.

However, the Vice Chairman of the Public Accounts Committee of Parliament, Edward Dery, while commenting on the move, described it as a waste of taxpayers money.

"All of a sudden you think that you want us to start spending GH¢200 note or GH¢100 you and I know if you mistakenly misplace or one of these drops out of your pocket, I don’t think many Ghanaians if it happens to you, you can sleep overnight. But if the Central bank thinks that there is the need for us to spend GH¢200 or GH¢100 note then we have to know you don’t wake up to spring surprises on people as to what we should do. Their reasons for the need for a high-value note to make their monies lighter are turnup reasons to help catch up with the dollar,” he said.

Adding that “This new notes won’t make us catch up with the dollar, they don’t make any difference when you go to the market. What additional value does it bring to us? You can cut new notes besides I have asked two questions seeking to know even the cost in changing the GH¢50 what is the difference between the old and new GH¢50, the old GH¢20 and the current GH¢20 what is the difference is it the colours they put there, that cost the Ghanaian taxpayer the printing.”

Mr Dery further noted that “Now they are coming out with new notes and coins what is the cost that you and I have to pay for, the finance minister I have filled two questions on it, if you can go and polish our old currency and come back at a cost without telling the taxpayer how much it cost, then this is complete loss to the state.”