Ghanaians Will Stop Spending GHC1 And 2 Cedi Notes Soon – Bank Of Ghana Reveals

Must Read

vanessa nordzihttp://Ghbase.com
Writing is the painting of the voice. The desire is to write until it becomes as natural as breathing. Fitting in is so boring so why not stand out? For bookings to events, and to Feature on our site call or text me on 0549483972 Or email me vanessanordzi@gmail.com
- Advertisement -

The Bank of Ghana (BOG) has disclosed that the GHC1 and GHC2 notes will soon be cleared off the system.

According to the Bank Of Ghana, this is due to the fact that they are not cost effective in terms of printing and they will be replaced by coins.

This was announced by the BOG Governor Dr. Ernest Addison meeting of the Monetary Policy Committee (MPC) on Monday 27 September.

“[These are] notes that circulate very widely, and they come back very torn and soiled and they are very difficult for our currency processing machines to process …” Dr. Addison said.

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.”

- Advertisement -
- Advertisement -
- Advertisement -

Leave a Reply

- Advertisement -

Latest News

Jane Mena Shower Praises On Husband For Wiping Her Tears Amid Tape Saga, Says “Now I Know The Meaning Of For Better For Worse”

Popular celebrity dancer, Jane Mena has showered praises on her husband for supporting her throughout the whole issue involving...
- Advertisement -

More Articles Like This