The Bank of Ghana has appealed to Ghanaians to accept both the one pesewa and five Ghana pesewas coins and trade with them. The Head of Currency Management Department at the BoG, Dominic Owusu has reminded Ghanaians that the coin is still a legal tender and must be used for the purchase of goods and services.
Some traders who spoke to TV3 have also indicated that they were unable to make transactions using the Five Pesewas coin because their customers do not accept it.
Other traders also mentioned that the five pesewas coin is useless because you cannot even get pure water at 20 pesewas and so the ‘One pesewa’ and ‘five pesewa’ coins are not used to buy anything.
But Mr. Owusu urged both traders and customers to make it a priority to use the coin. He explained that the Bank of Ghana has not removed the five pesewa coin from circulation and he does not see why it should be difficult to accept it. He advised that the public must accept both the one pesewa and five pesewas coins.
The head of currency management also said that if traders remove the one pesewa coin or it doesn’t exist, it means traders would start rounding up prices and that is not an internationally accepted practice.
He clarified that this is why the Bank of Ghana promoting and regulating, and supervising payment of settlement systems in Ghana, must make sure that change can be given right to the last pesewa. So as good citizens, it means that we must accept it and use them.
Many Ghanaians have contributed to the discussion as some traders have stated that transactions are usually higher than the five pesewa coin and such coins must be taken out of the system if the production of such coins would cost the state.
Other Ghanaians have advised the central regulator to instill economic disciplines that would make the cedi appreciate. They believe that that would make all the coins or denominations valuable for businesses.
What are your thoughts on the ongoing discussion?
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