The Bank of Ghana (BoG) has issued another statement hinting the public on measures it is currently cooking to phase out the one Ghana cedi and two Ghana cedis notes from the economy sooner than later. This decision is completely dependent on some uneconomic indicators that ensue the reprinting of these two currencies.
Speaking at a Press Conference after the Monetary Policy Council meeting on Monday evening, September 27, 2021, the Governor of the Bank of Ghana, Dr. Ernest Addison hinted that the Central Bank is in the process of phasing out these two currencies (the bank notes) in the economy and encourage only the use of the coins.
Giving some economic explanations to the soon-to-be directive, Dr. Ernest Addison indicated that the printing and subsequent usage of the GH¢1 and GH¢2 notes are not cost-effective (that's the cost of printing them mostly far outweighs the benefits they generate)
He also recounted that the GH¢2 bank note issued under the former President John Evans Atta-Mills was a commemorative currency and therefore should not under normal circumstances be allowed to be circulation after serving its purpose.
"These notes circulate very widely and they come back very torn and soiled and thus makes them very difficult for our currency processing machines to process them," Dr Ernest Addison said.
He added, "We have bales and bales of GH¢1 notes that we are not able to process. So the view for the longer term is to more or less get out of the GH¢1 and GH¢2 notes and use the GH¢1 and GH¢2 coins instead."
Dr. Ernest Addison added that "You will recall that this is a note [GH¢ 2] that was issued as a commemorative note. So 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 GH¢2 coin and you would expect that eventually, it would more or less play the role that the GH¢2 note is playing."
However, some patriotic Ghanaians are criticizing the Bank of Ghana and the NPP government for trying to phase out of the system a note (the GH¢2 note) which bears the picture of the liberator, founder, and first President of the Republic of Ghana, Osagyefo Dr. Kwame Nkrumah.
According to them, this is not a democratic initiative and also it only depicts the level of their ingratitude to the sacrifice of Dr. Kwame Nkrumah to free Ghana from the clutches of her colonial masters.
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