Bank of Ghana to phase out 1gh cedi & 2gh cedis notes
Bank of Ghana to phase out 1gh cedi and 2gh cedis notes – reports.
Ghana’s Central Bank is said to phase out the country’s 1gh cedi and 2gh cedis notes and replace them with with coins. Governor of the Central Bank, Dr. Ernest Addison disclosed this to the media on September 27th. According to him, the notes will be replaced with their respective coins. Ghana already has the 2gh cedis coins in circulation but not in abundance.
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“The 1gh and 2gh notes would eventually be phased out because they are not cost effective in terms of the printing cost. They circulate very widely and come back very torn and soiled and they are very difficult for our currency processing machines to process. We have bales of 1gh notes that we are not able to process. You will recall that the 2gh was issued as a commemorative note. so commemorative notes are not notes that we will continue to print and therefore what we have done in the last two years is to introduce the 2gh coin and you would expect that. Eventually, it would more or less play the role that the 2gh is playing ” Dr. Addison disclosed