GH¢1 And GH¢2 Notes To Be Replaced With Coins

GH¢1 And GH¢2 Notes To Be Replaced With Coins – The GH¢1 and GH¢2 notes will before long be eliminated 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 generally not fit will be supplanted by their respective coins.

‘The GH¢1 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 added 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 therefor 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 presently 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.

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

The amount incorporated the actual expense of printing the Ghana cedi, charges paid to the agency that supervised the printing process, just as what the central bank portrayed as other cash costs.

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