The Bank of Ghana (BoG) has issued a strong warning to the public against the rejection of coins, emphasizing that all denominations remain legal tender and must be accepted in financial transactions.
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Speaking at a workshop organized by the West African Institute for Financial and Economic Management (WAIFEM) on July 14, the BoG’s Head of Currency Management, Dominic Owusu, cautioned that continued refusal to accept coins, especially 10 and 20 pesewa pieces, could harm efforts to maintain price stability.
“There is no justification for rejecting any coin legally issued by the Central Bank,” Mr. Owusu stressed. “All denominations, from the one pesewa to the two Ghana cedi coin, are legal tender and should be accepted.”
He explained that coins play a vital role in preventing unnecessary rounding up of prices, which can drive inflation. In addition, coins are more durable and cost-effective than paper notes, helping reduce the frequency and cost of currency printing.
Mr. Owusu urged the public to embrace the use of coins, noting that their widespread acceptance would support stable pricing in local markets.
Meanwhile, WAIFEM Director of Research and Macroeconomic Management, Dr. Christian Ahortor, said the five-day workshop would explore key issues in modern currency management, including the use of artificial intelligence in fraud detection, the rise of digital currencies, and the role of big data in financial forecasting.
