A day in the life of the coin merchant

The rise of new innovative businesses in the Ghanaian society has caught global attention over the past few years.

One of such innovative businesses, in the capital city, Accra and other towns in the country is “The coin business”.

The coin business is the exchange of smaller denominations, especially pesewas for larger denominations with a 10 percent interest.

According to merchants, their main customers are commercial mini-bus drivers and conductors, popularly referred to as “trotro mates” who usually need change for passengers.

“I was unemployed, and that is why I ventured into this business. The drivers need to coins as change for passengers and that is why they patronize us,” one of the merchants, Deborah told GhanaWeb reporter, Barbara Esinam Bonney in an interview.

Esther, a mother of three said she got into the business to fend for herself and her children although the profit isn’t much.

“There is not much profit to be made in this business. We are only managing the little we make… some of the coins get lost and we have to replace them. I am only managing this business to be able to cater for my children,” she stated.

The news team noticed that though the merchants had both old and fresh notes on their table, they gave the mates only the old notes when they come seeking for smaller denominations.

When asked why they don’t give out the fresh notes, one merchant by name Ruth, revealed that they only give those out in special cases.

“The fresh notes are not for mates, they are for the commuters. They use them during wedding ceremonies and other events,” she clarified.

The merchants added that their business is not very secured and they are usually robbed by persons they exchange money for, when they don’t stay vigilant.

“We do not have any security, it is a risk we are taking. We are very vigilant. If you sleep, someone will steal all your money,” one of them lamented.

They further appealed to the banking sector to support their business.

“If we go to the banks and they give us coins that will help but sometimes the banks are lazy to give us the coins we request for… the tellers do not want to count for us. If the banks are always ready to supply us with coins, it will help.”

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