GH₵1 and GH₵2 NOTE TO BE ELIMINATED FROM OUR ECONOMY - BANK OF GHANA

The Bank of Ghana to remove the Gh₵1 and Gh₵2 note the economy system of Ghana. The Gh₵1 and Gh₵2 notes have been in the system since 1st July, 2007 and 14th May, 2010 respectively.

But according to the Bank of Ghana, the notes will be replaced by their respective coin. Therefore the notes will be pull out of the system in no time.

The Governor of the Bank of Ghana, Ernest Addison disclosed this at a press conference after meeting the Monetary Policy Committee (MPC) on Monday, September 27, 2021.

“Both the Gh₵1 and Gh₵2 notes would eventually be phase out because they are not cost-effective in terms of the printing cost." - Ernest Addison Governor of Bank of Ghana

Addison explained that these notes circulate widely, and come back torn, soiled and in very bad conditions. He added that those notes are very difficult for the currency processing machines to process when the money returns in that state.

Unfit for purpose

He added, “We have bales and bales of GHC1 notes that we are not able to process. So the view for the longer term is to more or less get out of the GHC1 and GHC2 notes and use the GHC1 and GHC2 coins.”

Dr Addison added: “You will recall that this is a note [GHC2] that was issued as a commemorative note … Commemorative notes are not notes that you continue to print.

“And, therefore, what we have done in the last two years is to introduce the GHC2 coin. You would expect that, eventually, it would more or less play the role that the GHC2 note is playing.”

Source: AssaseRadio

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