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Ghanaians Shout No More Coins As BoG Directs No More GHS1 and GHS2 Notes: Check Reactions

Money is said to be the legal tender for the transaction of business in every country. The currency of Ghana, just as any other currency of any country is printed in the form of notes or coins.

The currencies that are considered to be of a higher value are printed in notes, while those of a lesser value are printed in coins. The currencies that are printed in coins are believed to be constantly used by citizens than the ones printed in notes.

However, when a currency that is printed in notes is handled regularly, it tends to get damaged easily because of frequent handling.

The One Ghana Cedis and the Two Ghana Cedis are handled frequently because they are the denominations that are easily used for transactions between majority of Ghanaians. They are normally used to purchase the daily needs of Ghanaians aside transportation, church offerings, and others.

Dr. Ernest Addison, the current Governor of the Bank of Ghana has made it known that the One Ghana Cedis and the Two Ghana Cedis notes frequently gets deteriorated and needed to be replaced by coins.

It is worthy of note that the One Ghana Cedis and the Two Ghana Cedis notes already have their coins counterparts. What is new is that the notes would be completely taken off the system, while the coins remain.

Certain sections of Ghanaians have disagreed with the intention of the Bank of Ghana to produce only the coins counterparts of the One Ghana Cedis and the Two Ghana Cedis notes. This was reported by GhanaWeb on their facebook handle and this is what Ghanaians have to say about it.

Fred Nyarko has agreed with the Bank of Ghana, citing that it is not the best for the country to be printing out new denominations of the One Ghana Cedis and the Two Ghana Cedis every two years. According to him, it is best to print out more coins so that that denomination of the currency would last.

Owusu Boadi thinks that this issue is not necessary, but what needs to be dealt with is what he has claimed to be the mess in the country.

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