The Bank of Ghana has given explanations to why they have decided to phase out the GHS2 notes.
Addressing the press on September 27, Dr Ernest Addison governor of the BOG said the GHS2 notes are commemorative notes in remembrance of Ghana’s first president, Osagyefo Dr Kwame Nkrumah.
He also said the poor handling of the notes as well as the difficulty in processing them are some of the reasons why the BoG wants to take them off the economy.
“The one with President’s Nkrumah’s head on it. You will recall that the GH¢2 note was issued as a commemorative note. So commemorative notes are not notes that we will continue to print and therefore what we have done in the last two years is to introduce the GH¢2 coins, and you would expect that, eventually, it would more or less play the role that the GH¢2 note is playing,” he said.
“The GH¢1 note and GH¢2 note would eventually be phased out because they are not cost-effective in terms of the printing cost. They circulate very widely and come back very torn and soiled, and they are very difficult for our currency processing machines to process”.