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Say goodbye to GH1 and GH2 notes, Bank of Ghana.

Some of us were overjoyed when the new money was introduced into this country, particularly those of us who were children at the time.

When we first got our hands on any of the notes or coins, we would determine whether to spend them or give them away because they were new to us. We assumed the money would always be new but not old because it was so valuable to some of us, but as time passed, the note currency's appearance began to look strange, and it was all due to how we were handling it. The 1Gh cedi note and the 2Gh notes are two of the currency notes that have really suffered from this awful management, and if you look at them critically, you'll see that the 2Gh note isn't quite enough in the country. 

The Bank of Ghana's Governor, Ernest Addison, announced at a news conference following the Monetary Policy Committee's (MPC) meeting on Monday, September 27, 2021, that the GH1 and GH2 notes will shortly be phased out of circulation.

He said and I quote, “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" 

These notes, according to Addison, circulate widely and frequently return torn, soiled, and in poor condition. He went on to say that when the money returns in that state, the currency processing equipment will have a hard time processing the notes.

He explained and I quote, "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"

So very soon we will not be seeing our GH1 and GH2 cedi notes again.

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

Bank of Ghana Ernest Addison GH1 Monetary Policy Committee

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