Ghanaians to use more coins as BoG plans to phase out GH¢1 and GH¢2 notes

The GH¢1 and GH¢2 notes will soon be phased out of the Ghanaian economy.

This was made known by the Governor of the Central Bank, Dr, Ernest Addison on Monday, September 27, 2021.

Dr. Addison said the two notes which are usually not in good shape will be replaced by their respective coins.

“The GH¢1 note and GH¢2 note would eventually be phased out because they are not cost-effective in terms of the printing cost”.

“They circulate very widely and come back very torn and soiled, and they are very difficult for our currency processing machines to process”.

He further said that, “We have bales of GH¢1 notes that we are not able to process. So the view for the longer term is more or less get out of the GH¢1 and GH¢2 notes and use the GH¢1 and GH¢2 coins”.

“You will recall that the GH¢2 note was issued as a commemorative note. So commemorative notes are not notes that we will continue to print and therefore what we have done in the last two years is to introduce the GH¢2 coins, and you would expect that, eventually, it would more or less play the role that the GH¢2 note is playing”.

Ghana currently has GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100 and GH¢200 in notes while one pesewa, ten pesewas, 20 pesewas, 50 pesewas, one cedi and two cedis are coins.

Source: Citibusinessnews