Stop rejecting coins – BoG warns public
By: Rebecca Okine
The Bank of Ghana (BoG) has issued a warning to the public over the growing rejection of coins, particularly the 10 and 20 pesewa denominations, stating that such behavior could threaten the country’s price stability.
Speaking at the opening of a five-day workshop on currency management and forecasting, the BoG’s Head of Currency Management, Dominic Owusu, emphasized that all coins and banknotes issued by the Central Bank remain legal tender and must be accepted in all transactions.
“We will continue to emphasize to Ghanaians that there is no justification for rejecting any currency that has been legally issued,” Mr. Owusu stated.
He urged the public to respect and use all forms of Ghana’s currency, stressing that every denomination from one pesewa to the two Ghana cedi coin is valid and must be accepted in commercial exchanges.
“I want to encourage everyone to accept all denominations: one pesewa, five pesewas, ten pesewas, twenty pesewas, fifty pesewas, one cedi, two cedis, and even the two Ghana cedi coin. All are legal tender,” Mr. Owusu said.
The BoG’s Head of Currency Management said coins are vital for maintaining price accuracy in daily transactions. Their rejection, he warned, could cause vendors to round up prices, thereby contributing to inflation.
“Please accept the coins. No one should reject any coin legally issued by the Central Bank,” he urged.
Mr. Owusu also highlighted the economic advantage of coins, noting that they last significantly longer in circulation than banknotes, helping the country reduce currency printing costs.
