The Governor of the Central Bank of Ghana, Dr Ernest Addison revealed on Monday, September 27, 2021, that for some reasons, the GH¢1 note and GH¢2 will soon be replaced by coins.
According to Dr. Addison, “the GH¢1 note and GH¢2 note would eventually be phased out because they are not cost-effective in terms of the printing cost.”
“They circulate very widely and come back very torn and soiled, and they are very difficult for our currency processing machines to process. We have bales of GH¢1 notes that we are not able to process. So the view for the longer term is more or less get out of the GH¢1 and GH¢2 notes and use the GH¢1 and GH¢2 coins,” he explained.
“You will recall that the GH¢2 note was issued as a commemorative note. So commemorative notes are not notes that we will continue to print and therefore what we have done in the last two years is to introduce the GH¢2 coins, and you would expect that, eventually, it would more or less play the role that the GH¢2 note is playing,” he added.
As a reminder, the Bank of Ghana spent over GH¢153 million to print the country’s legal tender in 2018, while $8.97 million was spent on printing new 100, 200 cedi notes introduced in November 2019.