BoG Urges Ghanaians Not To Reject One And Five Pesewa Coins
- Bank of Ghana urges Ghanaians not to reject one and five pesewa coins
- Says the coins are legal tender and should be used in monetary transactions
- He said the rejection of the coins was unpatriotic
The Bank of Ghana says the one and five pesewa coins are legal tender and must not be rejected.
The Head of Currency Management at the Central Bank, Dominic Owusu, argued that both coins can be used in transactions and must not be treated otherwise.
Source: Twitter
At a media engagement organised as part of the Ghana Month Celebration, Dominic Owusu said the coins are still being issued and are expected to aid in transactions across the country.
He explained that the coins fall within the change class and thus must be used to support the economy.
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He said the Bank of Ghana will continue to monitor the currency’s circulation in the economy.
His comment follows the general public's wide rejection of the bronze-coloured one pesewa coin and the silver-coloured five pesewas coins.
Some have argued that the tiny size of the coins is an inconvenience as they are hard to spot when they fall, among other issues.
However, the bank has argued that rejecting the coins is unpatriotic and insults the national currency.
Bank of Ghana suspends GTBank and FBNBank from forex trading
Earlier, the Bank of Ghana had sanctioned the Guaranty Trust Bank (GTBank) and FBNBank for breaching foreign exchange market regulation rules.
The two banks were found engaging in fraudulent documentation in their forex operations, among other things.
The suspension is in accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723) and would last a month beginning from March 18, after which the BoG will restore their licenses.
Strongest African currencies
YEN.com.gh reported on the strongest African currencies against the dollar.
African currencies are always scrutinised and analysed for their strengths and weaknesses. The financial landscapes of African nations reveal intricate dynamics influenced by economic, political, and social factors.
Despite challenges facing most African governments, some countries have maintained stability in their currencies.
The list of the highest currencies in Africa is based on the prevailing currency exchange information as of 11 March 2024.
The strength is measured by several factors, including exchange rates, nominal gross domestic product (GDP) per capita, and inflation rate, among other economic and political factors.
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Source: YEN.com.gh
