The Bank of Ghana (BoG) has announced that it is getting ready to phase out the GH¢1 and GH¢2 notes in circulation and replace them with their respective coins.
Speaking at a press conference after the MPC (Monetary Policy Committee) meeting on Monday, September 27, 2021, the Governor of the Bank of Ghana, Dr Ernest Addison said; “Both the GH¢1 note and the GH¢2 note would eventually be phased out because they are not cost-effective in terms of the printing cost”.
“Notes that circulate vary widely and they come back very torn and soiled and they are very difficult for our currency processing machines to process them,” He further stated.
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“Both the GH¢1 and Gh¢2 notes would eventually be phased out because they are not cost-effective in terms of the printing cost”.
The governor disclosed how bales and bales of worn out GHC1 notes are in their possession and can’t be used any more; hence, the decision to phase out the GHC1 and GHC2 notes eventually.