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GHC1 And GHC2 Notes Appears Weak And Torn And Has To Be Replaced: BOG

The GHC1 and GHC2 will be going a gradual process of fading out of the system the gradual reduction of a tax credit that a tax payers are eligible for as their income approaches the upper limit to quality for that credit. 

The One cedi and two cedis note were produced for a purpose and at last they have served it purpose rightfully and there is no need to keep spending such monies in the system. In production of Cedis notes,there is no credit and profit gotten from it. There is loss that is why the Bank Of Ghana puts into consideration that coins will be used to replace such notes.

The reason for such action is for the best of the country because the GHC1 and GHC2 from total circulations came back weak and torn.And that is of no use but rather reproduce fresh ones which is eating into the public purse.

The Bank of Ghana (BoG) says it is getting ready to phase out the GHC1 and GHC2 notes in circulation.

The BoG says these notes would be replaced by their respective coin.

Addressing a press conference after the MPC meeting Monday (27 September), the Governor of the Bank of Ghana, Dr Ernest Addison said, “Both the GHC1 note and the GHC2 note would eventually be phased out because they are not cost-effective in terms of the printing cost.

“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 them.”

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 that “You will recall that this is a note [GHC2] 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 GHC2 coin and you would expect that eventually, it would more or less play the role that the GHC2 note is playing".

By Abigail Liko

Smart News Gists.

Content created and supplied by: SmartNews_Gists (via Opera News )

Bank of Ghana BoG Cedis Ernest Addison GHC1


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