The Governor of the Bank of Ghana (“BoG”), Dr. Ernest Addison, recently announced BoG’s plans to cease circulation of the 1 and 2 Ghana Cedi notes. The coin versions of these notes will remain in circulation and in use.
The BoG, which regulates printing and circulation of Ghana’s currency, noted that it was not cost-effective to keep both sets of notes in circulation as they frequently return worn out and in need of replacement. Indeed in 2018, BoG’s Annual Report revealed that the Bank spent GHS 153,647 million on printing Ghana’s currency. And in 2019, with the introduction of the GHS 100 and GHS 200 notes, the Bank spent approximately USD 8.97 million in printing the country’s currency. Moreover, the 2 Ghana Cedi note which was introduced in 2010 as a commemorative note in honour of Dr. Kwame Nkrumah’s centenary celebration was not intended to be in permanent print.
Currently, Ghana’s currency comprises of GHS 1, GHS 2, GHS 5, GHS 10, GHS 20, GHS 50, GHS 100, and GHS 200 notes, and 1 pesewa, 10 pesewas, 20 pesewas, 50 pesewas, 1 cedi and 2 cedi coins. It is hoped that the use of coins in the stead of notes will not have an adverse effect on the commercial value of these denominations.
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