BoG to phase Out 1Ghc and 2Ghc as Ghana to use more coins

Listen to this Article Now

The GH¢1 and GH¢2 notes will before long be eliminated of the Ghanaian economy.

This was spread the word about by the Governor of the Central Bank, Dr, Ernest Addison on Monday, September 27, 2021.

Dr. Addison said the two notes which are normally not fit will be supplanted by their separate coins.

“The GH¢1 note and GH¢2 note would ultimately be eliminated in light of the fact that they are not financially savvy as far as the printing cost”.

“They flow broadly and return extremely torn and dirtied, and they are undeniably challenging for our cash preparing machines to measure”.

He further said that, “We have parcels of GH¢1 noticed that we can’t measure. So the view for the more drawn out term is pretty much escape the GH¢1 and GH¢2 notes and utilize the GH¢1 and GH¢2 coins”.

“You will review that the GH¢2 note was given as a dedicatory note. So dedicatory notes are not noticed that we will proceed to print and subsequently what we have done over the most recent two years is to present the GH¢2 coins, and you would anticipate that, at last, it would pretty much assume the part that the GH¢2 note is playing”.

Ghana as of now 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.

GH¢153 million spent on printing Ghana money

The Bank of Ghana in 2018 spent over GH¢153 million to print the country’s legitimate delicate, the cedi.

The sum incorporated the genuine expense of printing the Ghana cedi, charges paid to the organization that administered the printing system, just as what the national bank portrayed as other cash costs.

$8.97m spent on printing new 100, 200 cedi notes

The Government of Ghana additionally went through some $8.97 million on printing the new 100 and 200 cedi notes, which were presented in November 2019.

Money Minister, Ken Ofori-Atta, who was reacting to inquiries on the cycle in Parliament in March 2020 said: “This is comprised of $4.45 million and $4.53 million for the GHS100 and GHS200 notes separately”.