The Bank of Ghana (BoG) says it is preparing to eliminate the GHC1 and GHC2 notes available for use.
The BoG says these notes would be supplanted by their individual coin.
Tending to a question and answer session after the MPC meeting Monday (27 September), the Governor of the Bank of Ghana, Dr. Ernest Addison said, “Both the GHC1 note and the GHC2 note would ultimately be eliminated in light of the fact that they are not financially savvy as far as the printing cost.
“Notes that circle generally and they return extremely torn and ruined and they are undeniably challenging for our money preparing machines to handle them.”
He added, “We have parcels and bunches of GHC1 noticed that we can’t measure. So the view for the more drawn out term is to pretty much escape the GHC1 and GHC2 notes and utilize the GHC1 and GHC2 coins.”
Dr. Addison added that “You will review that this is a note [GHC2] that was given as a memorial note. So memorial notes are not noticed that you proceed to print and along these lines what we have done over the most recent two years, is to present the GHC2 coin and you would expect that in the end, it would pretty much assume the part that the GHC2 note is playing.”