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"Very soon we will have gh¢1000" - Reactions as Bank of Ghana is set to withdraw gh¢1 and gh¢2 notes

The current trend of the central bank's management of the national currency may have a cause for worry. Since the introduction of the new Ghana Cedi back in 2017, the smaller denominations have forced themselves out of circulation one after the other and the Bank of Ghana has had to withdraw it from the public. Those smaller notes like the 1 pesewa, 2 pesewas, and the five pesewas through to the 50 pesewas and some Ghc1 were in the form of coins. But today, the smallest ones up to the 5 pesewas are no longer being circulated because of public rejection as a result constant price increases that made those denominations 'worthless'.

Today, the Bank of Ghana has today announced its intention to wipe out the smallest paper money in the country, the Ghc1 and Ghc2 notes, and replace it with coins. In a statement from the Governor of BOG today, he 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".

With this news, concerns are being raised and people are expressing their fears that such a move will raise the minimum currency unit in the country, and eventually inflation will cause the Ghc1 coin be the smallest monetary unit in Ghana soon. If this happens, then the value of the Cedi is at stake. In a post shared on facebook by Peace FM today, people have expressed their dissatisfaction. While others are worried about deteriorating value of the cedi by this action, some expressed concern about wiping anything that points to Kwame Nkrumah or his legacy. Some of the comments are posted here below So we ask: "Is the Bank Of Ghana deliberately devaluing the Cedi?

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BOG Bank of Ghana Ghana Cedi Ghc1


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