Ghanaians berate Bank of Ghana after announcement of new GH¢1 coin with security upgrades

The Bank of Ghana (BoG) has announced an upgrade to the GH¢1 coin with some enhanced security features.

“The upgraded GH¢1 coin is bi-metallic with an outer gold and inner silver. The coin has a pronounced rough edge and incorporates a latent image, which appears in a rectangular form below the Scale of Justice at the back,” parts of a statement issued by the BoG read.

Ordinarily, this announcement should be welcomed news to Ghanaians because it will help prevent fraud and help ensure that the country’s currency is secured.

But Ghanaians on social media are not taking the announcement of the new GH¢1 coin, which will be in circulation from Monday, December 12, 2022, well.

Some Tweeps have been questioning the time of the move by the BoG and the amount it might have cost the country, given the current economic hardships.

“Useless people, how much will this cost us huh? as for Nana Addo the least said about him the better,” one Twitter user wrote.

Some also said that the BOG should focus on stabilising the value of the Ghana cedi rather than issuing new currencies.

“Under Akufo Addo our currency has depreciated badly n he has introduced new denominations new features on our currency n wiping out some…what development paaa will this bring to the nation, of what benefit is this…Total waste,” another Ghanaian wrote.

View more reactions of Ghanaians to the BoG’s announcement below:

Press Release - Bank of Ghana Upgrades the One Ghana Cedi Coin pic.twitter.com/WrbNBmwA3D

— Bank of Ghana (@thebankofghana) December 6, 2022

Under Akufo Addo our currency has depreciated badly n his has introduced new denominations new features on our currency n wiping out some…what development paaa will this bring to the nation of what benefit is this…Total waste

— Rasta4NDC???????? JM 4 President (@Rasta4NDC) December 6, 2022

Why does it appear that there's no single person with wisdom in this country's governance since noon, January 7, 2017?

— GhPolitikz_360 (@gafa_v4est) December 6, 2022

This is irrelevant at this moment

This shldnt be our Priority for now

We are not in normal times. The attention shld be how we can make the cedi strong not upgrading of coins

Pls stop using the tax payers money unnecessary

— hanson gerrad (@hansongerrad) December 6, 2022

What necessitated this upgrade??? Did anyone complain of the old one, and even if need be, is this time that we are in an economic crises that resources that could've been allocated to more profitable venture is being used for this?

— #Son-Of-Africa The._.Observer (@Dhe_Observer) December 6, 2022

pic.twitter.com/9h5SChNeYV

— ????NII-IKE???? (@NII_IKE77) December 6, 2022

You've been consistently increasing the Monetary Policy Rate/Interest Rate to 'curb inflation' yet ifltn has been on ascendency with people having to pay more on loans and crippling businesses.

All these, you're not meeting your interest rate subscription target but still pic.twitter.com/eZsd9TFUC1

— Quabena Phyl (@Phyl_Quabena) December 6, 2022

You people are no more reasoning, how many times must Ghana change the form and shape of a currency, when you people cannot simple change the economic woes of our noble country.

— Mrclarks (@clarkssam5gh) December 6, 2022

This is what this money used to be... Are u trying to tell me the value is the same? U have scammed the whole Ghanaians now u turning it into coin so that the value becomes pic.twitter.com/ZF3O0KAuUm

— Chelsea Prynx ⭐⭐ (@prynx_chelsea) December 6, 2022

@thebankofghana Is it possible to bring back the 1 and pesewa and 5 pesewa coin in a more acceptable size. You surely know the reasons for refusal to use the majority public. Can you upgrade that? Don't you think it would help check prices increment, especially for basic goods?

— Kex Gawins (@Village_Shifu) December 6, 2022

Is it not more important to set good measures in place to upgrade the state of the economy to alleviate this hardship than this unnecessary upgrade of the cedi coin. I reckon BoG has problems of misplaced priorities and as such you need think tanks to think and steer your affairs

— SamuEL LionEL (@iam_SamLi) December 6, 2022

Also watch the nomination for the GhanaWeb Excellence Awards Youth Edition below:



IB/DA