According to the Governor of the Bank, Dr Addison “Both the GH¢1 note and the GH¢2 note would eventually be phased out because they are not cost-effective in terms of the printing cost.
This implies that, government will not incur more cost in printing spoilt or damaged notes. These two currencies are the most used currencies in the country. For this matter, the damage to these currencies are very high and this affect the economy of the country. Government tend to spend more cash in creating these two currencies. This is why the the Bank of Ghana wants Ghanaians to use only the coin currencies in few months to come.
It also implies that, the huge cost in making the paper currency will be reduced. The paper currency comes with a lot of designs, colours, specialized stamps and water marks which cost a lot just to produce one notes. With this new implementation, government will save money and these amounts saved can be used for other developmental projects.
Finally, Ghanaians will have nothing to worry about fake currency. There will be nothing like faking currency Gh¢1 or Gh¢2 coin currency. It really takes customized designs to make a coin currency. For this matter, scammers can hardly produce any of it. This will give Ghanaians no worries at all to fear fake currency.
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