The high cost of maintaining the GHC1 and GHC2 notes, as well as the ease with which these notes were torn and soiled inspired the Bank Of Ghana to make a decision to withdraw these notes from the system.
Coupled with the fact that these notes are heavily used in the country and changes hands several times a day, there was the need to introduce more durable and tough currencies to replace the GHC1 and GHC2, to avoid the huge costs associated with keeping them in circulation.
Following this announcement by the Bank of Ghana, Ghanaians had different reactions to it. Some were of the view that it would make things more expensive, while others were of the view that it was going to help in the long run.
In days after the announcement, the Bank Of Ghana has given Ghanaians an up-close view of the new GHC2 coin, the last born of all currency notes and coins in the country, which has been in circulation for sometime now, but will be widely used going forward, as its equivalent GHC2 paper currency will be withdrawn from the system.
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