Don't reject the one and five pesewas coins for transactions - BoG tells public

The Bank of Ghana is urging citizens to accept one and five pesewas coins for transactions, emphasizing that these coins are legal tender.

According to the Head of Currency Management, Dominic Owusu, the Central Bank will keep monitoring currency circulation to bolster the economy.

He said that the bank continues to issue these coins, which typically remain in circulation for about 15 years and highlighted the importance of these denominations in the economy, categorizing them as change, transaction, and store of value classes.

“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 at a media engagement as part of the Ghana Month Celebration.

Despite reports of some public resistance to using the one and five pesewas coins, the bank considers such rejection unpatriotic and disrespectful to the national currency.

ID/MA

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