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Reasons why Bank of Ghana wants to Phase out GH¢1 and GH¢2 Notes.

Money proved its efficiency, this is why it exists even in centrally planned economies. The existence of money and its functions as a medium of exchange and a measure of value facilitate the transactions of goods and services and the continuous specialisation of production. In a barter-based economy, where money was not used, trade would consist in the direct exchange of one commodity for another.

The Central Bank of Ghana announced that the one Ghana Cedi note and the two Cedi note will soon not be used in the country. The reason given was that the two money denominations have been soiled to the extent that the money counting machines can't count them. Also, the poor handing of those two denominations have caused the banks to pack huge amount in sacks which can't be in circulation anymore.

Very soon, only the coins will be used instead of the papers. What is your take on this. Barter is still practised in some areas worldwide, but nowadays money is regarded as a more practical means of exchange.

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Bank of Ghana Central Bank of Ghana Ghana Cedi

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