The Bank of Ghana (BoG) has issued a strong warning to the public against the rejection of coins as a form of currency. According to the central bank, dismissing coins in everyday transactions poses significant risks to the nation’s economic stability.
Coins are a vital component of Ghana’s monetary system, facilitating low-value transactions and ensuring smooth cash flow in the economy. The BoG emphasized that rejecting coins disrupts these processes and may lead to increased transactional inefficiencies.
Furthermore, the Bank of Ghana highlighted that declining the use of coins could escalate inflationary pressures by limiting available currency for petty trade. This, in turn, affects the purchasing power of consumers and merchants, particularly in rural and informal sectors.
The central bank is therefore appealing to all Ghanaians to use coins responsibly and to honor them as legal tender. This collective cooperation is essential to uphold the integrity of Ghana’s financial system and support sustained economic growth.
For further details, readers can visit the official GhanaWeb source: Bank of Ghana cautions public over rejection of coins.
