BoG Warns Against Rejection of Coins, Cites Threat to Price Stability
The Bank of Ghana (BoG) has cautioned the public against the growing trend of rejecting coins, particularly lower denominations such as the 10 and 20 pesewa coins, warning that such behaviour threatens the country’s broader efforts to maintain price stability.
According to the Central Bank, all notes and coins it issues remain legal tender and must be accepted in all transactions without exception. The Bank expressed concern that the continued refusal to accept coins especially for small-scale transactions, could distort pricing and contribute to inflationary pressures.
Speaking at the opening of a five-day workshop on currency management and forecasting organised by the West African Institute for Financial and Economic Management (WAIFEM), the BoG’s Head of Currency Management, Dominic Owusu, underscored the economic implications of the practice.
“We will continue to emphasise to Ghanaians that there is no justification for rejecting any currency that has been legally issued. I want to encourage everyone to accept all denominations—one pesewa, five pesewas, ten pesewas, twenty pesewas, fifty pesewas, one cedi, two cedis, and even the two Ghana cedi coin—as all are legal tender,” Mr Owusu stated.
He stressed that the absence of coins in everyday transactions encourages vendors to round up prices, thereby exerting upward pressure on inflation. He also noted the durability of coins, which he said helps reduce the cost of currency printing over time.
“Please accept the coins. No one should reject any coin legally issued by the Central Bank,” he added.
The BoG’s concerns come at a time when the Central Bank is intensifying public education on currency usage and its role in macroeconomic stability.
Meanwhile, Dr Christian Ahortor, Director of Research and Macroeconomic Management at WAIFEM, noted that the ongoing workshop will address evolving trends in currency operations, including the use of artificial intelligence (AI) and machine learning in fraud detection, digital currency developments, and the application of big data in currency management.
The workshop, he said, aims to equip central banks in the sub-region with modern tools and insights to enhance monetary policy implementation and operational efficiency.
