1 and 5 pesewa coins are still legal tenders meant for transactions-BoG tells Ghanaians

The Bank of Ghana(BoG) has reaffirmed the 1 and 5 pesewas coins are still legal tenders.

It is therefore cautioning Ghanaians against rejecting the one and five pesewas coins.

Head of Currency Management at BoG, Dominic Owusu, says the coins are legal tenders which transactions can be made with.

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

There are several reports some people have been refusing to use the one pesewas and the five pesewas coins for transactions.

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 key roles in the economy …….. we have different classes which are the change, transaction, and the store of value class”, he stated.