According to the Governor of the central bank, Dr. Ernest Addison, the plan will be to replace the paper notes with coins.
Video: Security features of the GHc2 coin introduced by the BoG
The Bank of Ghana on Monday, September 27, announced that the GHc1 and GHc 2 notes would be phased out from circulation soon.
He said the decision was needed to improve the bank's cost of currency management.
Dr Addison told journalists on Monday that the central bank had realised that it was not cost-effective to keep the two sets of notes in circulation, as they mostly returned dirty and worn out, requiring frequent replacements.
In line with this, the BoG has advertised a new Ghc2 coin, detailing its features to the public in a video on social media.
Watch the video below;
The Ghana cedi has denominations of Ghc1, Ghc2, Ghc5, Ghc10, Ghc20, Ghc50, Ghc100 and Ghc200.
For coins we have the pesewa which comes in 10 pesewas, 20 pesewas, 50 pesewas, one cedi and two cedis coins.
After Independence, the new monetary authority, the Bank of Ghana, issued its own currency in the form of Ghana pounds, shillings and pence on 14th July, 1958. With that issue, the Bank of Ghana formally took over the issue of currency notes and coins from the WACB.
The second issue of currency was in early 1965, when Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system.
Accordingly, Cedi notes and Pesewa coins were introduced on the 19th July, 1965 to replace the Ghana pounds, shillings and pence.
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