Ghanaian Central Bank Urges Acceptance of One and Five Pesewa Coins

The Bank of Ghana (BoG) urges Ghanaians to accept the one and five pesewas coins as legal tender for transactions. The coins play a vital role in the economy, allowing for smaller purchases and supporting the overall monetary system. The central bank emphasizes the importance of using all forms of currency to maintain a healthy economy.

Bank of Ghana Urges Acceptance of One and Five Pesewa Coins

Accra, Ghana—The Bank of Ghana (BoG) has issued a strong advisory against the rejection of one and five pesewa coins, emphasizing their legal tender status for transactions within the country.

Dominic Owusu, Head of Currency Management at the central bank, stressed the importance of these coins in supporting the economy and urged the public to embrace their use. "If we mint a coin and issue it for circulation, it takes about 15 years or so before we withdraw it from the system," he explained. "They fall within the change class, and we want to encourage the public to use this coin because it supports the economy."

Owusu highlighted the vital role that coins play in facilitating transactions, particularly in smaller denominations. "The coins play a key role in the economy because if you want to buy something worth one cedi, you can buy it with 200 pesewas," he said. "We have different classes of currency: change, transaction, and store of value."

The central bank has noted with concern the practice of refusing to accept one and five pesewa coins in certain sectors of the public. Such actions, according to Owusu, are unpatriotic and disrespectful of the national currency. "These practices are unpatriotic, as they amount to disrespect for the national currency," he stated.

The BoG is committed to monitoring the circulation of its currency and ensuring its stability. "The Central Bank will continue to monitor its currency in circulation to support the economy," Owusu said. The bank encourages the public to use all legal tender currencies in circulation, including the one and five pesewa coins.

The advisory comes amidst reports of widespread reluctance to accept these coins, particularly among certain businesses and individuals. The BoG emphasizes that the refusal to accept legal tender coins is a violation of the country's monetary laws and can undermine the integrity of the currency system.

The central bank's stance aligns with its broader mandate to promote economic growth and stability. By ensuring the circulation and acceptance of all legal tender currencies, the BoG aims to facilitate seamless transactions, support businesses, and maintain the value of the Ghanaian cedi.