Bank of Ghana Warns Against Rejecting Coins, Emphasizes Their Economic Importance

The Bank of Ghana has cautioned Ghanaians against rejecting one and five pesewas coins as legal tender for transactions. The bank's Head of Currency Management, Dominic Owusu, emphasized the coins' role in supporting the economy and encouraged their use. The bank continues to issue these coins and expects them to remain in circulation for approximately 15 years.

Bank of Ghana Warns Against Rejecting Coins, Emphasizes Role in Economy

The Bank of Ghana (BoG) has issued a strong admonition to the Ghanaian public against refusing to accept one and five pesewa coins in transactions, highlighting their legal tender status and significance in supporting the national economy.

Dominic Owusu, Head of Currency Management at the Central Bank, asserted that these coins remain legal tender, intended for use in everyday transactions. He emphasized that the BoG is committed to monitoring the circulation of its currency to foster economic growth.

Speaking at a media engagement during the Ghana Month Celebration, Owusu stated that the bank continues to issue these coins, expecting them to be utilized for transactions within the country. "When we mint a coin and release it for circulation, it typically remains in the system for approximately 15 years before we withdraw it," he explained. "These coins fall under the change class, and we strongly encourage the public to use them because they play a crucial role in supporting our economy."

Owusu elaborated on the importance of coins in facilitating transactions, particularly in scenarios where exact change is required. "If you want to purchase an item worth one cedi, you can use 200 pesewas to complete the transaction. Our currency is designed with different classes – change, transaction, and store of value – to cater to various needs," he said.

The bank has noted with concern reports of certain individuals refusing to use one and five pesewa coins. Owusu described such practices as unpatriotic and disrespectful to the national currency. He urged the public to embrace these coins as a symbol of Ghanaian identity and a means of promoting economic stability.

The BoG's stance aligns with its mandate to maintain the integrity and value of the Ghanaian currency. By encouraging the use of all legal tender coins, the bank aims to foster a healthy and inclusive financial ecosystem that benefits all citizens.

In addition to the aforementioned, the BoG also highlighted the environmental benefits associated with using coins. Unlike paper banknotes, which degrade over time, coins have a longer lifespan and contribute to a more sustainable currency system.

The bank's message to the Ghanaian public is clear: embrace and use all legal tender coins, including one and five pesewas, as they play a vital role in supporting the economy, facilitating transactions, and upholding national pride.