Bank of Ghana to phase out GHC1 and GHC2 notes in circulation

The Bank of Ghana has served notice that it would phase out the GHC1 and GHC2 notes in circulation.

The Governor of the Bank of Ghana, Dr Ernest Addison, said the decision to stop printing the notes is to save cost, adding the coin versions of those notes would be in circulation.

Addressing a press conference after the MPC meeting Monday, 27 September 2021, Dr Addison 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.”

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 that “You will recall that this is a note [GHC2] that was issued as a commemorative note. So 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 and you would expect that eventually, it would more or less play the role that the GHC2 note is playing.”

Source: Daily Mail GH