was withdrawn from circulation in 2007 ). the lack of a different and distinct portrait on each banknote denomination has been noted for rectification. 8. different portraits allow the general public to easily identify the different denominations. it is also an important consideration when it becomes necessary to upgrade and change the design and security features of banknotes. one of the key reasons for placing different portraits on different denominations is the need to frustrate counterfeiting. a continuing concern of the central bank is to guarantee the integrity of the banknotes and defend them against the escalating trends of counterfeiting. 9. varying the portraits on our banknotes will also permit the nation to recognize departed national heroes who positively impacted on the lives of ghanaians. selection of the portrait for the gh¢2 banknote 10. it is for the above reasons that the obverse theme, the portrait of dr. kwame nkrumah, was chosen for the gh¢2 banknote, to commemorate the centenary of the birth of this illustrious son of africa. the reverse of the banknote depicts the old and new parliament buildings, signifying ghana ’ s deepening democracy. ladies and gentlemen of the media, 11. the introductory issue of the gh¢2 banknote will have the commemorative text “ centenary of the birth of dr. kwame nkrumah ”. future issues of the gh¢2 banknote are not expected to have this text ; making this introductory issue a collector ’ s item. 12. the new banknote will be issued out as legal tender in may 2010, to coincide with the conclusion of the year - long centenary celebrations of the birth of dr. kwame nkrumah. 13. on this note i formally declare the educational campaign on the introduction of the gh¢2 banknote duly launched. please remember to keep the ghana cedi clean! 14. thank you for honouring our invitation and may god bless us all. the new gh¢2 banknote front back poster

ben s bernanke : semiannual monetary policy report to the congress testimony of mr ben s bernanke, chairman of the board of governors of the us federal reserve system, before the committee on financial services, us house of representatives, washington dc, 27 february 2008. * * * chairman frank, ranking member bachus, and other members of the committee, i am pleased to present the federal reserve's monetary policy report to the congress. in my testimony this morning i will briefly review the economic situation and outlook, beginning with developments in real activity and inflation, then turn to monetary policy. i will conclude with a quick update on the federal reserve's recent actions to help protect consumers in their financial dealings. the economic situation has become distinctly less favorable since the time of our july report. strains in financial markets, which first became evident late last summer, have persisted ; and pressures on bank capital and the continued poor functioning of markets for securitized credit have led to tighter credit conditions for many households and businesses. the growth of real gross domestic product ( gdp ) held up well through the third quarter despite the financial turmoil, but it has since slowed sharply. labor market conditions have similarly softened, as job creation has slowed and the unemployment rate – at 4. 9 percent in january – has moved up somewhat. many of the challenges now facing our economy stem from the continuing contraction of the u. s. housing market. in 2006, after a multiyear boom in residential construction and house prices, the housing market reversed course. housing starts and sales of new homes are now less than half of their respective peaks, and house prices have flattened or declined in most areas. changes in the availability of mortgage credit amplified the swings in the housing market. during the housing sector's expansion phase, increasingly lax lending standards, particularly in the subprime market, raised the effective demand for housing, pushing up prices and stimulating construction activity. as the housing market began to turn down, however, the slump in subprime mortgage originations, together with a more general tightening of credit conditions, has served to increase the severity of the downturn. weaker house prices in turn have contributed to the deterioration in the performance of mortgagerelated securities and reduced the availability of mortgage credit. the housing market is expected to continue to weigh on economic activity in coming quarters. homebuilders, still faced with abnormally high inventories of unsold homes, are likely to cut the pace of their building