The Bank of Ghana (BoG) has reaffirmed that all coins and banknotes it issues remain legal tender and must be accepted for transactions across the country.
The Central Bank raised concerns about an increasing tendency to reject smaller denominations, particularly the 10 and 20 pesewa coins, during everyday purchases. The BoG warned that this practice threatens price stability and erodes public confidence in Ghana’s currency.
At a recent currency management workshop organized by the West African Institute for Financial and Economic Management (WAIFEM), Dominic Owusu, Head of Currency Management at the BoG, stressed the importance of using all denominations—from the one pesewa coin to the two-cedi coin.
“There is no valid reason to reject any currency issued by the Bank of Ghana,” Mr. Owusu said. “All denominations are legal tender and must be accepted.”
He also highlighted the vital role coins play in the economy. Coins help ensure accurate pricing and prevent traders from rounding up prices, a habit that can drive inflation. Additionally, coins tend to last longer than paper currency, reducing the cost of currency production.
“Coins are critical to our monetary system. Accept them. No one has the right to reject currency legally issued by the Central Bank,” he emphasized.
This statement forms part of the BoG’s broader initiative to promote financial efficiency and uphold the credibility of Ghana’s currency system.
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