The Bank of Ghana (BoG) has disclosed that the country will stop using the Ghc1 and Ghc2 notes soon.
Dr. Ernest Addison, Governor of the BoG, announced this in a Monetary Policy Committee (MPC) on Monday 27 September.
According to the Bank of Ghana, the notes are not cost-effective in terms of printing and they will be replaced by their respective coins soon.
“[These are] notes that circulate vary widely, and they come back very torn and soiled and they are very difficult for our currency processing machines to process …” Dr. Addison said.
He added, “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.”
“You will recall that this is a note [GHC2] that was issued as a commemorative note … Commemorative notes do not note that you continue to print.
“And, therefore, what we have done in the last two years is to introduce the GHC2 coin. You would expect that, eventually, it would more or less play the role that the GHC2 note is playing.”
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