See how rejecting 1 and 5 pesewa contributed to Ghana’s economy crisis

The Bank of Ghana has cautioned Ghanaians against rejecting the one and five pesewas coins.

Head of Currency Management at the Central Bank, Dominic Owusu, says the coins are legal tenders meant for transactions.

According to him, the Central Bank will continue to monitor its currency in circulation to support the economy.

Speaking at a media engagement as part of the Ghana Month Celebration, he said the bank is still issuing the currency and it is expected to be used in the country for transactions.

“If we mint a coin and issue it for circulation, it takes about 15 years or so before we withdraw it from the system. They fall within the change class and we want to encourage the public to use this coin because it supports the economy”.

“The coins play a key role in the economy because if you want to buy some worth one cedi you can buy with 200 cedis so we have different classes which are the change, transaction, and the store of value class”, he stated.

There are several reports of a section of the public refusing to use the one pesewas and the five pesewas coin for transactions.

Meanwhile, the bank said those practices were unpatriotic, as they amounted to disrespect for the national currency.