The Governor of Bank Of Ghana, Mr. Addison, has revealed that soon, Ghanaians will no longer use GH¢1 and GH¢ 2 notes to transact businesses in the country. Although the two notes are popularly in marketplaces, churches, schools, schools and commercial vehicle transactions, they will no longer be used.
According to the Governor, these notes are costly to circulate and maintain in the system; therefore there is the need to remove them from the economy.
Explaining further, he explained that the 1 and 2 Ghana cedi notes are widely used in the country. Thus, they are mishandled in many ways which eventually end up being torn and left in soiled state because they exchange hands multiple times in a day.
What to replace the notes
The fading out of the GH¢ 1 & GH¢ 2 notes will be replaced by its respective coins. Although the coins are jointly used with the notes currently, it will now be the entirely used in place of the notes.
One challenge that the Bank of Ghana admitted is that the coins will be inconvenient if transactions of huge amounts of money would have to be paid in their currencies.
Advantage of using the coins
The Bank Of Ghana noted that changing from notes to coins will reduce misunderstandings and in some cases arguments resulting from rejection of torn or soiled notes by spenders.