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
-
Government tackling drug trafficking head-on – Tanko-Computer assures
4 minutes -
Climate, conflict and the struggle for resources: Why peacebuilding must look beyond the battlefield
8 minutes -
GRAY Network’s Menstrual Health project transforms education in Central and South Tongu
17 minutes -
Green finance goes beyond banks and big corporations to driving climate and environmental solutions – Nanabanyin Addo-Brown
20 minutes -
The journey is short
24 minutes -
Teacher unions give government September 24 deadline to resolve promotion arrears
25 minutes -
Restoring BDC confidence helped turn around TOR – MD
36 minutes -
Chipper Cash launches bank-backed virtual accounts through collaboration with Universal Merchant Bank in Ghana
36 minutes -
I’m beginning to suspect NPP members may be involved in drug trafficking – Mustapha Gbande
39 minutes -
How hasty reading and inattention to complex texts may affect Ghanaian learners’ comprehension
43 minutes -
Public transport fares to increase by 8% from September 26
43 minutes -
How a $125m plant meant to fix Teshie-Nungua’s water crisis became a $235m judgment debt
44 minutes -
NPP calls for parliamentary inquiry into cocaine trafficking concerns
44 minutes -
Appiatse redevelopment enters final phase with 69 new housing units
46 minutes -
Ahafo Ano South West DCE was tipped to win parliamentary for NDC seat in 2028 – Ashanti Region NDC Chairman
51 minutes