Accra, Dec 6, GNA – The Bank of Ghana (BoG), has announced that it will put the upgraded one-cedi coin, with enhanced security into circulation on Monday, December 12, 2022.
The new cedi coin is to gradually replace the one-cedi note for all transactions, which is expected to be phased out together with the two cedi note.
In September 2021, the Central Bank explained that the two notes (GH₵1 and GH₵2) mostly returned torn, soiled and dirty, thereby, making it difficult for the Bank’s currency processing machines to produce them.
Dr Ernest Addison, the Governor of the Central Bank, said that the notes had become not cost-effective in terms of printing and needed to be phased out to improve the Bank’s cost of currency management.
In a press release shared with the Ghana News Agency, on Tuesday, December 6, to announce the circulation of the upgraded coin, the Central Bank encouraged the public to “accept the coins and make good use of them.”
It explained that: “The existing and the upgraded GH₵1 coin will co-circulate until the existing coin is gradually withdrawn.”
According to the Bank, the new coin with a diameter of 26.00mm is bi-metallic with an outer Gold and inner sliver and a distinct saw-like edge that makes it instantly recognisable by touch.
It also has a rectangular block below the scale of justice at the back of the coin, which changes from a radiating star to ₵1 symbol sandwiched between two stars when tilted.
GNA