Ghana’s central bank has served notice that it will phase out the GHC1 and GHC2 notes in circulation.

The Governor of the Bank of Ghana, Dr Ernest Addison, stated the choice to cease printing the notes is to avoid wasting value, including the coin variations of these notes can be in circulation.

Dr.Addison ,Governor of Bank of Ghana

Addressing a press conference after the MPC meeting Monday, 27 September 2021, Dr Addison stated, “Each the GHC1 note and the GHC2 note would ultimately be phased out as a result of they aren’t cost-effective when it comes to the printing cost.

“Notes that flow into very broadly and so they come again very torn and dirty and they’re very tough for our currency processing machines to course of them.”

He added, “Now we have bales and bales of GHC1 notes that we’re not capable of course of. So the view for the long term is to roughly get out of the GHC1 and GHC2 notes and use the GHC1 and GHC2 coins.”

Dr Addison added that “You’ll recall that it is a note [GHC2] that was issued as a commemorative note. So commemorative notes will not be notes that you simply proceed to print and subsequently what now we have performed within the final two years, is to introduce the GHC2 coin and you’d anticipate that ultimately, it will roughly play the role that the GHC2 note is playing.”

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