The Governor of the Central Bank, Dr, Ernest Addison has disclosed that the GH¢1 and GH¢2 notes will soon be phased out of the Ghanaian economy.
The news was broken by Dr, Ernest Addison on Monday, September 27, 2021. The new development has caused massive reactions on social media as citizens have slammed the government and Bank of Ghana over the future inflation which is about to hit the country.
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Dr. Addison disclosed that the decision to scrap off two notes is because they are usually not in good shape and will be replaced by their respective coins.
“The GH¢1 note and GH¢2 note would eventually be phased out because they are not cost-effective in terms of the printing cost. They circulate vary widely and come back very torn and soiled, and they are very difficult for our currency processing machines to process”.
He further said that “We have bales of GH¢1 notes that we are not able to process. So the view for the longer term is more or less get out of the GH¢1 and GH¢2 notes and use the GH¢1 and GH¢2 coins”.
“You will recall that the GH¢2 note was issued as a commemorative note. So commemorative notes are not notes that we will continue to print and therefore what we have done in the last two years is to introduce the GH¢2 coins, and you would expect that, eventually, it would more or less play the role that the GH¢2 note is playing”.
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Ghana currently has GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100, and GH¢200 in notes while one pesewa, ten pesewas, 20 pesewas, 50 pesewas, one cedi, and two cedis are coins.