
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
-
Declining donor funding makes CHAG partnership more critical – Finance Ministry
12 minutes -
CHAG delivers up to 40% of Ghana’s healthcare with just 7% of facilities – Executive Director
20 minutes -
Oil prices are falling, but Ghana’s economic risks are far from over – BoG Governor
30 minutes -
Groupe Nduom eyes Standard Chartered retail business, calls for local ownership
37 minutes -
Deposits safe, banking services uninterrupted – Standard Chartered reassures customers
59 minutes -
Gov’t to recruit 550 Arabic teachers to tackle staffing gap in Islamic schools
1 hour -
Gov’t prepares to evacuate nearly 900 nationals from South Africa ahead of anti-immigration protests
1 hour -
Sales assistant fined GH¢12,000 after stealing GH¢353,471 from employer in marriage scam
1 hour -
GCAA probes alleged mistreatment of KLM passengers after Amsterdam delay
1 hour -
NRSA Director-General outlines reforms to reduce road carnage
1 hour -
Kumasi tomato traders push for revival of local tomato industry
1 hour -
Peace Council establishes peace committee, monitors to strengthen peace efforts
1 hour -
My agenda is to reunite, restructure, restrengthen NPP – Paul Afoko
2 hours -
GJA condemns Kasoa Radio attack, demands transparent probe, protection for journalists
2 hours -
Akan NPP vets 20 aspirants for constituency executive elections
2 hours