• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

GITFIC Lauds BoG’s Plan to Fade-out GH¢2.00 and GH¢1.00 notes

September 29, 2021
Stephen M.Cby Stephen M.C
in Banking
0
GITFIC Lauds BoG's Plan to Fade-out GH¢2.00 and GH¢1.00 notes

One and two cedi note

The management of Ghana International Trade and Finance Conference (GITFIC) has applauded the decision by Bank of Ghana (BoG) to fade out the one and two cedi notes from the system.

In a statement signed by the Chief Executive Officer of GITFIC, Mr Selassi Koffi Ackom, GITFIC noted that the Bank of Ghana, as a regulator, has every right to take such actions, so, they fully support the decision. As such, GITFIC has also called on the public to handle the two and one cedi coins well to avoid frequent expenditure on its replacement.

“We, at GITFiC, are of the view that the regulator has every right, with her decision to fade out the circulation of the GH¢1.00 and GH¢2.00 notes. While the regulator has the ascendancy to take such actions in the interest of a conducive monetary environment in Ghana.”

GITFIC

The statement further noted that, under the Governorship of His Excellency, the Late Paa Kwesi Amissah Arthur, in the erstwhile Atta Mills Administration, on June 14, 2010, the GH¢2.00 note was commissioned for circulation as a commemorative note, that is the Centenary of the Birth of Osagyefo Dr. Kwame Nkrumah.

RelatedPosts

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

CalBank Marks 35 Years of Values-Driven Growth With ‘Red Week’

UBA Ghana Board Chair Wins Top Honour for Financial Stewardship at UBA Ghana

GITFiC explained that, one of the critical reasons the GH¢2.00 note came into circulation was due to the issue of change. “Let us not forget that Ghana’s economy is predominantly driven by Micro Small and Medium Enterprises (MSMEs).”  It further noted that the issue of balancing after buying/selling is a major issue affecting the day-to-day transaction of the Micro, Small and Medium Enterprises (MSMEs) of Ghana’s economy then and now. For instance, if a buyer purchased an item of GH¢1.00 using the GH¢5.00 note, a change of GH¢4.00 would be given to the buyer in four GH¢1.00 denominations.

“To bridge this difficulty is what appraised the printing and circulation of the GH¢2.00 note, which was partly for commemorative purposes as verbalized above. These were the fundamentals that had divulged the printing of the GH¢2.00 note under the administration of former President, John Fiifi Atta Mills.”

GITFIC

The statement emphasized the commemorative aspect of the GH¢2.00 note had long ended and as Ghana’s economy is expanding, and projected to expand more in post COVID-19 era, the decision to revise the printing and circulation of such lower denominations is in the right direction. GITFiC also claimed that two and one cedi notes pose risks to businessmen carrying larger amounts.

“A bulky GH¢5,000.00 in GH¢1.00 or GH¢2.00 denominations attract much risk than a GH¢5,000.00 in GH¢5.00 or GH¢200.00 denominations.”

GITFIC

The statement further pointed out that the cost of printing and circulating such lower denominations is detrimental to Ghana’s economy in terms printing and regular replacement.

“Phasing out does not mean the GH¢1.00 and GH¢2.00 denomination will be banned from being used. This is not economic theory; it simply means, it is getting replaced by its coins equivalent in quantity for accessibility to all.”

GITFIC

However, the statement urged the BoG to use the GH¢5.00 note for the portrait of Osagyefo Dr. Kwame Nkrumah to avoid political criticisms.

READ ALSO: Ghana to Use US$300 Million Out of its SDR Allocation – Dr. Ernest Addison

Tags: Bank of GhanaGITFiCOne cedi noteTwo cedi note
Please login to join discussion
Previous Post

Tunisia appoints first female prime minister

Next Post

AfDB to commit resources to save the planet

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Abstention

July 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

July 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

July 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

July 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

July 9, 2025
Rishi Sunak Joins Goldman Sachs As Adviser
UK

Rishi Sunak Joins Goldman Sachs As Adviser

July 8, 2025
LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Abstention

by Lilian AhedorJuly 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

by Stephen M.CJuly 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

by Silas Kafui AssemJuly 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

by Stephen M.CJuly 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

by Evans Junior OwuJuly 9, 2025
Rishi Sunak Joins Goldman Sachs As Adviser
UK

Rishi Sunak Joins Goldman Sachs As Adviser

by Lawrence AnkutseJuly 8, 2025
LGBTQ concerns in Ghana
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Bright Simons, E&P, Azumah
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Kwasi Sibo
Rishi Sunak Joins Goldman Sachs As Adviser
[/vc_row_inner]

Recent News

  • Ghana Slammed for UN LGBTQ Abstention
  • Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
  • Bright Simons Slams E&P Over Gold Mine Controversy
  • Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
  • Kwasi Sibo Eyes Black Stars Call-Up
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.