Audio By Carbonatix
The Bank of Ghana has cautioned Ghanaians against rejecting the one and five pesewas coins.
Head of Currency Management at the Central Bank, Dominic Owusu, says the coins are legal tenders meant for transactions.
According to him, the Central Bank will continue to monitor its currency in circulation to support the economy.
Speaking at a media engagement as part of the Ghana Month Celebration, he said the bank is still issuing the currency and it is expected to be used in the country for transactions.
“If we mint a coin and issue it for circulation, it takes about 15 years or so before we withdraw it from the system. They fall within the change class and we want to encourage the public to use this coin because it supports the economy”.
“The coins play a key role in the economy because if you want to buy some worth one cedi you can buy with 200 cedis so we have different classes which are the change, transaction, and the store of value class”, he stated.
There are several reports of a section of the public refusing to use the one pesewas and the five pesewas coin for transactions.
Meanwhile, the bank said those practices were unpatriotic, as they amounted to disrespect for the national currency.
Latest Stories
-
Global Africa Summit Accra 2025 rallies investors, diaspora and policymakers to boost trade and growth
1 minute -
New research suggests a better way to fight littering in Ghana
2 minutes -
We must protect our own – Adutwum spokesperson calls for Ashanti solidarity
24 minutes -
FDA shuts down 7 Foreign shops in Kumasi over unapproved, foreign-labelled products
32 minutes -
13 arrested as Central East Police crack down on crime in Senya Beraku enclave
38 minutes -
Kumasi residents raise alarm over poor street lighting ahead of Christmas
1 hour -
Police swoop in Kintampo nabs 13 in drug bust, seizes cannabis and tramadol
1 hour -
Activist urges stronger border security, environmental protection, and accountability
1 hour -
Let’s be more intentional about our unity than they were about our division – Mahama to diaspora
2 hours -
Former Jasikan MCE quits as Bryan Acheampong’s coordinator; declares support for Bawumia
2 hours -
2025 Diaspora Summit: Ablakwa calls for concrete action on reparations
2 hours -
Police crack down on drug trafficking in Tamale, arrest 4 and seize illicit substances
2 hours -
Egg-citing deals as The Multimedia Group’s X’mas Egg Market sells out on Day 1, returns tomorrow
3 hours -
NPP Primaries: Electoral Area Coordinators in Yunyoo, Chereponi and Saboba declare support for Bawumia
3 hours -
Revocation of L.I. 2462 step in the right direction – Lands Ministry Spokesperson
4 hours
