BoG to phase out ¢1& ¢2 Cedi notes

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Story: Business DESK

Ghana’s ¢1 and ¢2 Cedi notes would soon be phased out. Governor of the Bank of Ghana, Dr. Ernest Addison who gave the hint, said the ¢2 Cedis note was a commemorative one, and not meant to be printed for a long period.

Speaking to Journalists in Accra, Mr. Addison said the commemoration necessitated the issuance of the ¢2 Cedis coin which had been in circulation for some time now. He described as worrying the cost of printing the ¢1 & ¢2 Cedi notes and the need to phase them out.

“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,’’ he said.

“They circulate very widely and come back very torn and soiled, and they are very difficult for our currency processing machines to process,” according to the BoG boss.

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