GHC1 and GHC2 notes to be phased out soon – BOG

 

 

The Bank of Ghana (BOG) has disclosed that the GHC1 and GHC2 notes will be cleared off the system soon.

According to the BOG, this is due to the fact that they are not cost effective in terms of printing and they will be replaced by 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.”

 

BoG governor, Dr. Ernest Addison

 

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.”

 

 

To Advertise Your Products Or Services, Please Call: +233 0240266354 or Whatsapp: 0595114788

admin

Want to make a contribution? or Got questions about our page please reach us through phone or WhatsApp: +233595114788 or Email us via: myvoltatoday@gmail.com We will gladly respond to you. Our team of support is always ready to respond to whatever query you make. Your feedback is our topmost priority, for without you we cannot fully operate.

Related Articles

Leave a Reply

Your email address will not be published.