{"id":29553,"date":"2021-09-28T07:19:59","date_gmt":"2021-09-28T07:19:59","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=29553"},"modified":"2021-09-28T07:20:41","modified_gmt":"2021-09-28T07:20:41","slug":"bank-of-ghana-to-phase-out-gh%c2%a21-and-gh%c2%a22-notes-soon","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=29553","title":{"rendered":"Bank of Ghana to phase out GH\u00a21 and GH\u00a22 notes soon"},"content":{"rendered":"\n<p>The GH\u00a21 and GH\u00a22 notes will soon be phased out of the Ghanaian economy.<\/p>\n\n\n\n<p>This was made known by the Governor of the Central Bank, Dr, Ernest Addison on Monday, September 27, 2021.<\/p>\n\n\n\n<p>Dr. Addison said the two notes which are usually not in good shape will be replaced by their respective coins.<\/p>\n\n\n\n<p>\u201cThe GH\u00a21 note and GH\u00a22 note would eventually be phased out because they are not cost-effective in terms of the printing cost\u201d.<\/p>\n\n\n\n<p>\u201cThey circulate very widely and come back very torn and soiled, and they are very difficult for our currency processing machines to process\u201d.<\/p>\n\n\n\n<p>He further said that, \u201cWe have bales of GH\u00a21 notes that we are not able to process. So the view for the longer term is more or less get out of the GH\u00a21 and GH\u00a22 notes and use the GH\u00a21 and GH\u00a22 coins\u201d.<\/p>\n\n\n\n<p>\u201cYou will recall that the GH\u00a22 note was issued as a commemorative note. So commemorative notes are not notes that we will continue to print and therefore what we have done in the last two years is to introduce the GH\u00a22 coins, and you would expect that, eventually, it would more or less play the role that the GH\u00a22 note is playing\u201d.<\/p>\n\n\n\n<p>Ghana currently has GH\u00a21, GH\u00a22, GH\u00a25, GH\u00a210, GH\u00a220, GH\u00a250, GH\u00a2100 and GH\u00a2200 in notes while one pesewa, ten pesewas, 20 pesewas, 50 pesewas, one cedi and two cedis are coins.<\/p>\n\n\n\n<p><strong>GH\u00a2153 million spent on printing Ghana currency<\/strong><\/p>\n\n\n\n<p>The Bank of Ghana in 2018 spent over GH\u00a2153 million to print the country\u2019s legal tender, the cedi.<\/p>\n\n\n\n<p>The amount included the actual cost of printing the Ghana cedi, fees paid to the agency that supervised the printing process, as well as what the central bank described as other currency expenses.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"344\" src=\"https:\/\/www.kumasionlinegh.com\/wp-content\/uploads\/2021\/09\/amount-spent-on-printing-ghana-cedis.png\" alt=\"\" class=\"wp-image-29555\" srcset=\"https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2021\/09\/amount-spent-on-printing-ghana-cedis.png 1024w, https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2021\/09\/amount-spent-on-printing-ghana-cedis-410x138.png 410w, https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2021\/09\/amount-spent-on-printing-ghana-cedis-768x258.png 768w, https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2021\/09\/amount-spent-on-printing-ghana-cedis-650x218.png 650w, https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2021\/09\/amount-spent-on-printing-ghana-cedis-750x252.png 750w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>$8.97m spent on printing new 100, 200 cedi notes<\/strong><\/h4>\n\n\n\n<p>The Government of Ghana also spent some $8.97 million on printing the new 100 and 200 cedi notes, which were&nbsp;<strong><a href=\"https:\/\/citinewsroom.com\/2019\/11\/bank-of-ghana-introduces-gh%C2%A2100-gh%C2%A2200-notes-and-gh%C2%A22-coin\/\">introduced in November 2019<\/a><\/strong>.<\/p>\n\n\n\n<p>Finance Minister, Ken Ofori-Atta, who was responding to&nbsp;<strong><a href=\"https:\/\/www.youtube.com\/watch?v=sBK94x3uaws\" target=\"_blank\" rel=\"noreferrer noopener\">questions on the process<\/a><\/strong>&nbsp;in Parliament in March 2020 said:&nbsp;\u201cThis is made up of $4.45 million and $4.53 million for the GHS100 and GHS200 notes respectively\u201d.<\/p>\n\n\n\n<p><strong>Send your news stories to&nbsp;<a href=\"mailto:dannyboy744@gmail.com\">dannyboy744@gmail.com<\/a>&nbsp;and via WhatsApp on +233 266777777<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The GH\u00a21 and GH\u00a22 notes will soon be phased out of the Ghanaian economy. This was made known by the Governor of the Central Bank, Dr, Ernest Addison on Monday, September 27, 2021. Dr. Addison said the two notes which are usually not in good shape will be replaced by their respective coins. \u201cThe GH\u00a21 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":29556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[41],"tags":[1083,1084,1085],"class_list":["post-29553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bank-of-ghana","tag-dr","tag-ernest-addison"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank of Ghana to phase out GH\u00a21 and GH\u00a22 notes soon - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=29553\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of Ghana to phase out GH\u00a21 and GH\u00a22 notes soon - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"The GH\u00a21 and GH\u00a22 notes will soon be phased out of the Ghanaian economy. This was made known by the Governor of the Central Bank, Dr, Ernest Addison on Monday, September 27, 2021. 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