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Bank of Ghana to part ways with the GHC 1 and 2 papers with coins as replacements

The Bank of Ghana is set to replace 1 cedi and 2 cedis notes with coins as a means to ensure there is cost effective in the printing of the one and two Cedis denominations which the parent bank suffers to print always and circulate in the system.


Poor ways of handling the currency had amounted the decision of BoG to phase out the paper forms of currency only for the 1 and 2 Cedis papers respectively.


It looks very astonishing to see the way and manner the citizens including market women, grotto drivers and their mates etc mishandles the paper notes of one and two Cedis and such unwholesome nature of behaviour had negatively affected the operations of the bank who faces financial crises as in the cost involved in reprinting them.


The Governor of the Bank of Ghana Dr Ernest Addison reaffirms the stance of their decision of the parent bank to phase out the aforementioned paper notes which is mishandled and fade out of the system in short period of time after they are brought into the system to enhance transactions.

The one Cedi note was part of the new denominations of the Cedi currencies that saw a change in the year 2007 under the President J.A. Kuffour's administration where's the 2 Cedis note came into existence in April 2010 to mark the 100th anniversary of Dr Kwame Nkrumah.


The decision to phase out the paper notes of the Ghana one and two Cedis becomes highly tantamount as the coin, a metallic piece may have a very prolonged lifespan as compared to the paper note currency.


It becomes highly imperative that the Bank of Ghana initiates this policy to save the nation from unnecessary financial burden in printing new paper note currency.


The two Cedis paper notes as well as the one Cedi may stay long in the system though mishandling of such coins as in defacing remains another burden.

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

Bank of Ghana Cedis Ernest Addison GHC Ghana

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