- The GHC1 and GHC2 notes currently in circulation would soon be phased out of the system
- The Bank of Ghana says it would soon be replaced by their respective coin
- Governor of the Bank of Ghana, Ernest Addison, explained that these notes circulate widely, and come back torn, soiled, and in very bad conditions
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The Bank of Ghana(BoG) says the GHC1 and GHC2 notes currently in circulation would soon be phased out of the system.
According to the BoG, both denominations will be replaced by their respective coin and the notes completely out of use.
In a report filed by AssaseRadio, the Governor of the Bank of Ghana, Ernest Addison, made this known at a press conference after the meeting of the Monetary Policy Committee (MPC) on Monday, September 27, 2021.
“Both the GHC1 note and the GHC2 note would eventually be phased out because they are not cost-effective in terms of the printing cost," he said.
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Addison explained that these notes circulate widely, and come back torn, soiled and very bad conditions.
He added that those notes are very difficult for the currency processing machines to process when the money returns in that state.
"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 notes and use the GHC1 and GHC2 coins," he explained.
Ghana had a resilient economy before COVID struck
According to him, the government built a resilient economy before the country was hit by the deadly Covid-19 pandemic.
Speaking in an interview with CNN’s Richard Quest and reported by Starrnews, he said the country went through headwinds just to build a resilient economy.
“Ghana went through the headwinds and built a resilient economy which grew at an average 6% in the three consecutive years prior to the pandemic,” he said.
He added that amidst the pandemic, the Ghanaian economy has leapt to become a hub for investment in the region.
Ofori-Atta boasted about the fact that some important organisations had decided to settle in Ghana due to its stable economy.