Recently there has been news on Ghana’s most used currency both on the roadside and in church.
In Ghana’s Cedis notes, the smallest one is the GHS1, followed by GHS 2. Since Ghana is a low income developing country, that should include all you people are going to use that note.
Recently, there has been news from The bank of Ghana intending to phase out the GHS1 and the GHS 2.
And there has been a lot of news about this news. When Ghanaians heard about it, a lot of people has expressed their opinions on this decision.
People see that to be unfair because they will not be able to give an offering.
Others, too, were complaining that BOG will make the system hard for us as a minor note we will now be having is the GHS 5.
We even saw a tweet of someone complaining that it will be difficult for him to share the money among his kids since he can’t share GHS 1 and GHS 2 again; sharing GHS5 with the kids will drain his bank account.
When the news came, many websites used an attractive caption that would attract people to read.
Some websites, too, didn’t brief their users on why BOG is taking this action.
So, in this case, many Ghanaians have been misled, thinking we will stop eating the GHS 1 and the GHS 2 currencies, which is not valid.
In this article, I will brief you on why BOG is phasing out the GHS 1 and the GHS 2 notes.
Table of Contents
So Why Is BOG Phasing Out The GHS1 And The GHS 2 Notes?
Ghana is not going to stop eating the GHS 1 and the GHS 2, and they are phasing out the notes of both currencies.
According to the Governor of the Bank of Ghana, Dr Ernest Addison, the GHS 1 and the GHS 2 notes circulate widely, and they come back ver torn and soiled. Doing this also makes it hard for their machines to recognise the currency and process it.
He further explained they the bank of Ghana has bundles of the GHS 1 and the GHS 2 notes that their machines are finding it difficult to process, and because of this, they are going to focus on phasing out the GHS 1 and the GHS 2 notes and create GHS 1 and GHS 2 coins instead.
Phasing out does not mean we won’t spend the GHS 1 and the GHS 2 currencies again. We will be spending, but the notes will be that much; they will make sure more coins are brought out.
Things To Note About The GHS1 And The GHS 2 Notes Phasing Out
We Are still going to spend the GHS 1 and the GHS 2 currencies
Yes, you heard me right, we will still be using the notes, but it won’t be much in the system since they come back weak; therefore, making a lot of coins will help reduce the cost of recreating the notes.
The GHS 1 And The GHS 2 Notes Can Still Be Used By Anybody
When the news came out, many people thought that when it gets phased out, we won’t be able to buy anything with that money again. The truth is the GHS 1 and the GHS 2 notes are here to stay; this move by the BOG is only to pull coins to the system to help us make spending easy.
You Can By Anything With The Old GHS 1 and GHS 2
Many people are spending their old currencies fast, thinking there is going to be a time that they can use again as told by other news websites, but the truth is we are still going to use both the old and new currencies in the system.
The bank of Ghana has announced facing out the GHS 1 and the GHS 2 currencies, and the other news websites have not been properly briefing Ghanaians about this new phasing out.
In this article, we went through what the phasing out of the GHS 1 and GHS 2 currencies mean, what you need to do as a Ghanaian, and things to note about this new step taken by the bank of Ghana.