The Bank of Ghana has served the public with a notice that it is to stop the printing of the ghc2 and ghc1 notes
According to the Bank of Ghana this move has been necessitated to cut down cost as the notes can easily be replaced by the coins
This was announced by the BOG Governor Dr. Ernest Addison meeting of the Monetary Policy Committee (MPC) on Monday 27 September.
“[These are] notes that circulate very widely, and they come back very torn and soiled and they are very difficult for our currency processing machines to process …” Dr. Addison said.
He added, “We have bales and bales of GHC1 notes that we are not able to process. So the view for the longer term is to more or less get out of the GHC1 and GHC2 notes and use the GHC1 and GHC2 coins.”
Dr Addison added: “You will recall that this is a note [GHC2] that was issued as a commemorative note … Commemorative notes are not notes that you continue to print.
“And, therefore, what we have done in the last two years is to introduce the GHC2 coin. You would expect that, eventually, it would more or less play the role that the GHC2 note is playing.”
According to the BOG, Ghana’s GDP expanded by only 0.4 percent last year, the worst pace since 1983. In 2021, however, it has gained momentum, with growth of 3.1 percent in the first quarter and 3.9 percent in the second.
Despite inflation rising for the fourth month in a row in August, the bank’s Monetary Policy Committee predicted Ghana’s overall economic outlook will remain positive.