JobsNews

BoG To Remove GH¢1, GH¢2 Notes From The System

The GH¢1 and GH¢2 notes are to be replaced by its respective coins.

This is because the notes, after widely being circulated, come back weak and torn

This was made known by the Governor of the Bank of Ghana

 

Kindly share with the whatsapp share button below this article. If you have any enqiuiries, let us know in the comment section 

 

Recommended

 

BoG To Remove GH¢1, GH¢2 Notes From The System

Bank of Ghana Governor, Dr Ernest Addison, has disclosed that very soon, the central bank will cease the circulation of GH¢1 and GH¢2 notes.

🔥  How To Check Police Screening Date & Centers

He noted that printing the afore-mentioned notes are not cost-effective, and most times, receive them soiled and torn.

Also, the currency processing machines are unable to process these weak notes.

Dr Ernest Addison, therefore, noted that the GH¢1 and GH¢2 notes will be replaced with their respective coins.

He made this known at a press conference in Accra on Monday, September 27, 2021.

The BoG Governor said, “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…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 them.”

🔥  Immigration Screening Date & Schedule

“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 GHC1 and GHC2 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. So commemorative notes are not notes that you continue to print and therefore what we have done in the last two years, is to introduce the GH¢2 coin and you would expect that eventually, it would more or less play the role that the GH¢2 note is playing,” he explained.

🔥  Ghana Prisons Service Recruitment Portal

At the 102nd monetary policy rate meeting, Dr Ernest Addison announced that the policy rate remains 13.5%.

He cited the high inflation rate as the major reason for the MPC’s decision to not change the policy rate.

One Comment

  1. Yes, that is very true, but the question is how quality is the note being printed. I think BoG printing quality notes will be more advance than the coins, stand to be corrected

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button