BoG to replace GH¢1 & GH¢2 notes with coinsGovernor of Bank of Ghana Dr. Ernest Addison has disclosed that the GHC 1 and the GHC 2 memorable notes would before long be eliminated from circulation.

He said this during the 102nd Monetary Policy Committee (MPC) public interview in Accra on Monday 27 September 2021.

Dr. Addison said: “Both the GHC1 note and the GHC2 note would ultimately be eliminated on the grounds that they are not savvy as far as the printing cost.

“These are notes of that flow broadly, and they return exceptionally torn and ruined and they are truly challenging for our cash handling machines to measure … ”

He added, “We have bunches and bundles of GHC1 takes note of that we can’t measure. So the view for the more extended term is to pretty much escape the GHC1 and GHC2 notes and utilize the GHC1 and GHC2 coins. You will review that this is a note [GHC2] that was given as a memorial note … Commemorative notes are not noticed that you keep on printing.

“Furthermore, hence, what we have done over the most recent two years is to present the GHC2 coin. You would anticipate that, in the end, it would pretty much assume the part that the GHC2 note is playing.”

Concerning execution of the neighbourhood money, he said the Ghana Cedi has performed firmly with a year-to-date deterioration of 1.8 percent.

The country’s higher sovereign spread has not moved unfamiliar financial backer conduct as net month to month acquisition of protections on both the obligation and value markets remain moderately great.

“In the standpoint, increasing financing costs in cutting edge economies because of tightening might represent a few dangers.

“Be that as it may, the solid save develop and unfamiliar trade inflows from the new SDR distribution and the normal partnered cocoa credit continues should assist with padding cash pressures in the close term.”

Source: africaneditors.com/African Editors