Ghana Central Bank Raises Concerns over Pesewa Coin Rejection

Bank of Ghana Questions Pesewa Coin Rejection

Are Pesewa Coins Still Valid Currency?

The Bank of Ghana insists that one and five pesewa coins remain legal tender, despite widespread public resistance. Dominic Owusu, Head of Currency Management at the Central Bank, asserts that these coins are integral to monetary transactions and should be treated as such.

Is Rejecting Pesewa Coins Unpatriotic?

The Bank of Ghana has denounced the rejection of pesewa coins as unpatriotic, arguing that it undermines the national currency. Owusu emphasized that the coins are still being issued and play a vital role in facilitating economic activity.

Why Are Pesewa Coins Rejected?

Despite the bank's insistence, the public has expressed various reasons for rejecting pesewa coins. Some complain about their small size, making them difficult to handle and find when dropped. Others argue that their low value renders them inconvenient for everyday transactions.

What Is the Bank of Ghana's Response?

Owusu acknowledged the public's concerns but maintained that the coins are necessary for providing change and supporting the economy. He stated that the bank will continue to monitor the circulation of currency in the economy, including the use of pesewa coins.

Are Other Banks Sanctioned for Forex Violations?

The Bank of Ghana has recently suspended GTBank and FBNBank from forex trading for breaching market regulations. These banks were found to have engaged in fraudulent documentation and other violations. The suspension, effective from March 18, will last for one month, after which the banks' licenses will be reinstated.

Which African Currencies Are Strongest?

The strength of African currencies is constantly analyzed based on factors such as exchange rates, GDP per capita, and inflation. As of March 11, 2024, the highest-ranked African currencies include:

• Tunisian Dinar
• Moroccan Dirham
• Egyptian Pound
• South African Rand
• Kenyan Shilling

These currencies have exhibited stability and resilience in the face of economic and political challenges.