The Bank of Ghana (BoG) says it is getting ready to phase out the GH¢1 and GH¢2 notes in circulation.
The Bank of Ghana says these notes would be replaced by their respective coin.
Addressing a press conference after the MPC(Monetary Policy Committee) meeting on Monday, September 27, 2021, the Governor of the Bank of Ghana, Dr Ernest Addison 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 vary widely and they come back very torn and soiled and they are very difficult for our currency processing machines to process them,” He said
“Both GH¢1 and Gh¢2 note would eventually be phased out because they are not cost-effective in terms of the printing cost
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 coins” He explained.
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