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One Cedi And Two Cedis Notes To Phase Out Soon Says BoG

The Bank of Ghana (BoG) says it's preparing to end the 1 Ghana cedi and 2 Ghana cedis notes in circulation.

The Bank of Ghana has announced the 2 denominations are going to be substitute by their respective coin.

Addressing a press conference after the meeting of the Monetary Policy Committee on Monday 27 September, 2021 the Governor of the Bank of Ghana, Ernest Addison, he confirmed that: “Both the 1 Ghana cedi note and therefore the 2 Ghana cedis note would gradually be taken out of the system since they are not cost-effective in terms of the printing cost.

“[These are] notes that circulate very widely, and that they come very torn and soiled and that they are very tedious for our currency processing machines to process …”

Unfit for purpose

He added, “We have bales and bales of 1 Ghana cedi notes that we are not ready to process. therefore the view for the long run is to more or less get out of the 1 Ghana cedi and 2 Ghana cedis notes and use the 1 Ghana cedi and 2 Ghana cedis coins.”

Dr Addison added: “You will recall that this is often a note [GHC2] that was introduced as a commemorative note … Commemorative notes are not notes that you simply still print. Thus they can be phased out of the system as time goes on.

“And, therefore, what we've wiped out the last two years is to introduce the 2 Ghana cedis coin. you would expect that, eventually, it might more or less play the role that the 2 Ghana cedis note is playing.”

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Bank of Ghana BoG Cedi Ernest Addison Ghana

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