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Bank of Ghana withdrew two low-denomination notes

According to posts made on the websites Ghana Web, Happy Ghana in September, the Bank of Ghana will withdraw its 1- and 2-cedi banknotes while maintaining the same denominations of coins in circulation.

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Bank of Ghana withdrew two low-denomination notes

Owusu Agyebeng was interviewed by the online journals and stated that there is no reason to be alarmed. He also urged readers to trust the coins. One cedi currently has a value of 16 U.S. Cents.

Ernest Addison (the Bank of Ghana governor) stated that the Bank of Ghana decided to cease printing the notes in order to save money. Ernest Addison stated that the printing of low-denomination notes will be discontinued over time as they are too expensive. He said that the currency processing machines have difficulty processing notes that circulate widely because they are so soiled and torn that they become difficult to process. In 2020, the bank spent 337.5 million cedis (or $55.5 million) to print currency.

Ghana has had four iterations of the cedi since 1957, when it gained independence from Britain. The pound was its first currency. 1965 saw the introduction of the first cedi coins.

According to the Bank of Ghana, the name derives from "sedie", which means cowrie and was popular shell money in the region as late as the beginning of the 20th Century.

At present, the Ghanaian currency system consists of 1- to 5-, 10- and 20-cents bank notes and 1-, 5- and 10-cents 20-, 50 -, 100 -, and 200-cedi coins.