- 1. The road tolls have greatly helped in stabilizing the cedi. The 1p coin, the 5p coin, the 10p, 20p coins have been sustained in the market particularly because of the road tolls.
2.We must appreciate the fact that huge sums of the tax-payers money has been used to mint these coins. If our pricing system does not make the small denominations of our currency relevant we would just end up packing these coins back into the Bank of Ghana vaults.
3.We changed to the new currency just three years ago (1 July 2007). I can foresee the 1p coin, the 5p coin and the 10p coin being packed back into the BOG vaults because they will become completely insignificant if even the road tolls do not value them.
4.It is quite important to point out that if the above coins fizzle out of the system it can have serious inflationary consequences on the economy; dough nut sellers, sachet water or “pure water” seller, chips and roasted plantain/ground nut (or peanut) sellers who are now selling their packages at around 5p 10p etc would quickly try to push their prices up to the nearest round figure i.e. maybe 50p. What do we think will happen to prices of other items in the market? Ghanaians have the propensity of pushing prices to the nearest round figure.
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