New coins to be introduced into the banking system

The 1st Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku-Afari, has stated that there are plans being put in place to introduce new coins into the banking system.

He made this statement during the public hearing of the Accountant General’s report for 2015 by the Public Accounts Committee.

“As we speak, we are looking at having new coins distributed in the system. So there is no policy to withdraw coins from the system. They are all legal tender. And they are all backed by the Bank of Ghana and expected to be honoured”, he said.

He debunked claims that that there was a policy to withdraw the use of coins in the system, and assured the committee members that there was ‘a system of determining the degree of exchangeability on the whole spectrum of currencies, ranging from the one pesewa to fifty Ghana cedis.

“That (the spectrum) is calibrated to determine the amount of one pesewa coin to be able to make sure that if someone uses one Ghana cedi coin, we will be able to have change for the person. So we establish all that”, he posited.