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Business News of Wednesday, 29 September 2021

Source: 3news.com

Accept and use GH¢2 coins – Bank of Ghana

GH¢2 coin GH¢2 coin

Ghana’s central bank, the Bank of Ghana has urged all Ghanaians to accept and use the GH¢2 coins.

This call comes after the regulator had announced on Monday a gradual phase-out of the commemorative GH¢1 and GH¢2 notes from the system.

Governor of the BoG, Dr Ernest Addison during the 102nd Monetary Policy Committee (MPC) press conference in Accra on Monday 27th September that “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.

“[These are] notes that circulate very widely, and they come back very torn and soiled and they are very difficult for our currency processing machines to process...”

He added, “We have bales and bales of GH¢1 notes that we are not able to process. So the view for the longer term is to 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 this is a note [GH¢2] 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 GH¢2 coin. You would expect that, eventually, it would more or less play the role that the GH¢2 note is playing.”