The GH¢1 and GH¢2 notes might be phased out of circulation quickly, because the Financial institution of Ghana step by step plans to take away them from circulation.
In response to the Central Financial institution, the poor dealing with of the notes, that’s torn and dirty, make it costly to print.
Governor of the Financial institution of Ghana, Dr Ernest Addison, addressing the press mentioned the Central Financial institution won’t print any extra of the ¢1 and ¢2 notes when these in circulation are phased out.
In response to him, the 2 denominations would get replaced by the ¢1 and ¢2 cash respectively.
“The view for the long run is to roughly do away with the ¢1 and ¢2 notes and use the ¢1 and ¢2 cash,” he mentioned.
“Each the ¢1 and ¢2 notes would ultimately be phased out as a result of they aren’t cost-effective by way of the printing value”, he identified.
“These are notes that flow into very broadly, they usually come again very torn and dirty and they’re very tough for our forex processing machines to course of. We now have bales and bales of ¢1 notes that we’re not capable of course of,” Dr Addison pressured.
“You’ll recall that it is a word [¢2] that was issued as a commemorative word; commemorative notes will not be notes that you just proceed to print”, he continued.
“What we’ve got carried out within the final two years is to introduce the ¢2 coin. You’ll count on that, ultimately, it will roughly play the position that the ¢2 word is taking part in.”
