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Social media reacts as Bank of Ghana readies to phase out GHC1 and GHC2 notes
The Bank of Ghana (BoG) has said that it is working to phase out the one Ghana cedi and the two Ghana cedi notes from circulation.
According to the Governor of BoG, Dr Ernest Addison, on Monday, September, 27, the notes will ultimately be replaced by their coin versions, which were currently co-circulating.
As the news of the phasing out hit social media, several users have shared their opinion on the matter. While some believe it is a good move, majority think replacing the notes with coins will affect the pricing of goods and services.
According to Ms. Paulina Kuranchie on Twitter;
“I have been wondering since last night whether the BOG’s research unit has looked into how Ghanaians perceive coins and how that impacts the pricing of goods and services especially in our traditional markets.”
I have been wondering since last night whether the BOG’s research unit has looked into how Ghanaians perceive coins and how that impacts the pricing of goods and services especially in our traditional markets. https://t.co/12dbPnA7jE
— Paulina Kuranchie🇬🇭 (@PaulinKuranchie) September 28, 2021
Meanwhile, Dr. Kobby Mensah also shared that citizens need to demand some transparency from the BoG.
“Face out 1 and 2 cedis will move up the costs products in that zone to 5 cedis. It’s not just the face value but psychological value. Cost of living going up brothers and sisters. We haven’t been demanding transparency from Bank of Ghana. They have become gods in this country.”
Face out 1 and 2 cedis will move up the costs products in that zone to 5 cedis. It’s not just the face value but psychological value. Cost of living going up brothers and sisters. We haven’t been demanding transparency from Bank of Ghana. They have become gods in this country 🧐
— Dr. Kobby Mensah (@thePOE_T) September 28, 2021
However, @1daisie on Twitter, thinks different, she believes the change will not ban the notes from circulating entirely.
“Phasing out doesn’t mean it’s gonna be banned from being used. It simply means it’s getting replaced by it’s coins equivalence. Simple Bank of Ghana
Phasing out doesn’t mean it’s gonna be banned from being used. It simply means it’s getting replaced by it’s coins equivalence. Simple.”
Bank of Ghana pic.twitter.com/xXCHZobjw3
— Her Excellency (@1daisie) September 28, 2021
Another Twitter user by the mane @kobinaocran thinks the government of the day is not thinking about the citizenry as they make decisions.
“Nana Addo we haven’t dealt with economic hardship but Bank of Ghana is about to phased out 1gh and 2gh notes. did the governor and his members think about this decision? the effect on the citizens and the country as a whole?”
Nana Addo we haven’t dealt with economic hardship but Bank of Ghana is about to phased out 1gh and 2gh notes.
did the governor and his members think about this decision? the effect on the citizens and the country as a whole ?
— Kob!na 🇬🇭 (@kobinaocran) September 28, 2021
Bank Of Ghana To Replace GH¢1 And GH¢2 Notes With Coins. what do you think?
— Ameyaw Debrah (@ameyaw112) September 27, 2021
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