The Bank of Ghana (BoG) has issued a strong caution to the public against the rejection of coins as legal tender, warning that such behaviour could undermine the country’s price stability efforts.
The Central Bank has observed that some individuals continue to refuse coins—particularly the 10 and 20 pesewa denominations—when given as change.
The BoG emphasised that all banknotes and coins issued by the institution are legal tender and must be accepted in all transactions without exception.
Speaking at the opening ceremony of a workshop organised by the West African Institute for Financial and Economic Management (WAIFEM) on currency management and forecasting, on Monday, July 14, the Head of Currency Management at the BoG, Dominic Owusu, urged the public to refrain from rejecting any form of Ghanaian currency.
“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,” He said.
Owusu highlighted the crucial role coins play in maintaining price stability, noting that in their absence, vendors may round up prices, leading to inflationary pressure.
He also pointed out that coins have a longer circulation life, which helps the country save on currency printing costs.
“Please accept the coins. No one should reject any coin legally issued by the Central Bank,” he emphasised.
Meanwhile, Dr. Christian Ahortor, Director of Research and Macroeconomic Management at WAIFEM, revealed that the five-day workshop will cover key topics such as the use of artificial intelligence and machine learning in fraud detection, trends in digital currencies, and the application of big data in currency management.
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