The Governor of the Central Bank of Ghana Dr Ernest Addison has announced the total withdrawal of the Ghc1 and Ghc2 cedis notes from circulation.
This comes days after the CPP accused the BoG of suppressing the circulation of the Ghc2 cedi note because of Nkrumah’s head on it.
The latest move was announced by Addison after a meeting of the Monetary Policy Committee (MPC) of the Central Bank today.
According to him, the printing of the notes is too expensive and not cost-effective for monetary governance to continue issuing them out.
It will now be replaced by coins.
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.”
He said the plan began long ago.
“And, therefore, what we have done in the last two years is to introduce the GHC2 coin. You would expect that, eventually, it would more or less play the role that the GHC2 note is playing.”
Meanwhile, General Secretary for the Convention Peoples Party (CPP) Nana Yaa Jantuah while speaking on Accra-based United Television indicated that the Bank of Ghana has decided not to print the GHC 2 bills because it has the head of the founder of modern-day Ghana Dr Kwame Nkrumah.
“When was the last time you saw the gh2 coin. You tell me. There is a shortage of it because of Nkruma’s head which is on it”, Nana Jantuah stressed while speaking Accra-based Utv.
