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"Some People Are About To Cash Out Big' - Netizens React To BoG About To Phase Out ¢1 and ¢2 Notes

Ghana at it again as the Bank of Ghana announced it readiness to take out the 1 Ghana cedi notes and the 2 Ghana cedi notes as well from the system. Social media users has taken to their handles on various social media platforms to share their opinions about it since the news hits online.

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The Governor of the Bank of Ghana, Dr. Ernest Addison has made it clear to the general public that, the Central Bank will no longer be printing the ¢1 notes and the ¢2 notes into system with the motive of removing those currency notes from the system and replace it with it's coins respectively.

Dr. Ernest Addison made this information known to the general public as he addressed the press and according to the Central Bank, the poor handling of the notes, that is torn and soiled, make it expensive to print them. So basically, that is why they have decided not to print the ¢1 and ¢2 notes anymore when the ones already in the system.

“The view for the longer term is to more or less get the ¢1 and ¢2 notes and use the ¢1 and ¢2 notes coins. Both the ¢1 and ¢2 notes would eventually be phased out because they are not cost-effective in terms of the printing cost”, he pointed out.

“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. We have bales and bales of ¢1 notes that we are not able to process”, Dr. Ernest Addison addressed it to the press the problem they are facing.

Since the Bank of Ghana (BoG) hinted at eliminating the circulation of the ¢1 and the ¢2 notes, Ghanaians reactions have been mixed on the social media. A cross-section of Ghanaians have made their stance known about the possible implication on their day-to-day transactions reacting to the elimination of the two denomination notes.

Check Out Some Of The Reactions From Netizens

Upon all the reactions from netizens, Evans reaction can be said to be a very controversial one as he hints that, some people are about to cash out big.

He wrote; "Bank of Ghana wants to phase out the 1gh and 2gh paper notes from the system. We will only use the coins that mean they will print more coins into the system to replace the phased out notes. Some people are about to cash out big".




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Bank of Ghana Central Bank Ernest Addison Ghana


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