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The GH¢1 and GH¢2 notes will be phased out of circulation soon, as the Bank of Ghana gradually plans to remove them from circulation.
According to the Central Bank, the poor handling of the notes, that is torn and soiled, make it expensive to print them.
Governor of the Bank of Ghana, Dr. Ernest Addison, addressing the press said the Central Bank will not print any more of the ¢1 and ¢2 notes when those in circulation are phased out.
According to him, the two denominations will be replaced by the ¢1 and ¢2 coins respectively.
“The view for the longer term is to more or less get the ¢1 and ¢2 notes and use the ¢1 and ¢2 notes coins.”
“Both the GH¢1 and GH¢2 notes would eventually be phased out because they are not cost-effective in terms of the printing cost”, he pointed out.
“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. We have bales and bales of ¢1 notes that we are not able to process”, Dr. Addison stressed.
“You will recall that this is a note [¢2] that was issued as a commemorative note; commemorative notes are not notes that you continue to print”, he continued.
“What we have done in the last two years is to introduce the ¢2 coin. You would expect that, eventually, it would more or less play the role that the ¢2 note is playing.”
On social media, the news have stirred a mixed reactions from Ghanaians as they have reacted to it.
GhArticles.com have sampled some Twitter reactions for you below;
Bank of Ghana should not phase out the one and two Ghana cedi notes; These notes help Ghanaians escape expectations of pastors. The coins will make noise in metallic offertory bowls 😁… #JoySMS
— Kwame Asiemoah (@semaokpekpe) September 28, 2021
Bank of Ghana going to phase out 1 and 2 cedis note? How we go pay wanna offertory?🤦🏽♂️🤦🏽♂️🤦🏽♂️ pic.twitter.com/c4LOeVYvrR
— Mr. Vice President ❼ (@koftownFlower) September 27, 2021
‘Bank of Ghana to phase out the 1 cedi and 2 cedi notes’
Ghana Police right now: 😂😂😂💔💔💔 pic.twitter.com/w4rqKW7ywL
— 𝗚𝗮𝗻𝗴𝘀𝘁𝗮 ☆🇬🇭🇳🇱 (@Snitchy_) September 28, 2021
Bank Of Ghana to phase out 1gh & 2gh notes.
Our friends(Police) will be taking 5gh n 10gh after the phase out.— SILVA #YDFM🇬🇭🥁 (@brasilvaGH) September 28, 2021
https://twitter.com/saturdaymontana/status/1442759546246737922?s=20
Bank of Ghana to stop printing 1 cedi and 2 cedis note..
Ghana Pastors: pic.twitter.com/5lEhdeyjk7
— 𝑷𝒂𝒑𝒂 (@_papie) September 28, 2021
https://twitter.com/Bianojunior09/status/1442820549189767170?s=20
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Source: GhArticles.com
