The Bank of Ghana has served notice that it would phase out the GH¢1 and GH¢2 notes in circulation.
Governor of the Bank, Dr Ernest Addison, disclosed that the decision to stop printing the notes is to save cost.
Coin versions of those notes, he said, would be in circulation.
Dr. Addison, at a press conference on Monday, 27 September 2021 said, “Both the GHC1 note and the GHC2 note would eventually be phased out because they are not cost-effective in terms of the printing cost.
“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 them.”
“We have bales and bales of GH¢1 notes that we are not able to process. So the view for the longer term is to more or less get out of the GH¢1 and GH¢2 notes and use the coins rather,” he added
According to him, the GH¢2 was issued as a commemorative note but stressed that commemorative notes are not notes that continue to be printed and therefore over the last two years, the ban has introduced the GH¢2 coin and eventually, it would more or less play the role that the GH¢2 note is playing.”
Source: MyPublisher24.com
