Bank of Ghana to phase out GHC1 and GHC2 notes soon

The Bank of Ghana (BoG) has served notice it will soon phase out the GHC1 and GHC2 notes in circulation.

This would however be replaced with their respective coin.

“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,”  the Governor of the Bank of Ghana, Dr Ernest Addison said when he addressed a press conference after the MPC meeting Monday 27 September 2021.

He continued, “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.”

Meanwhile, given the fairly balanced risks to inflation and growth in the outlook, the Committee decided to keep the policy rate at 13.5 percent.