BoG Reaffirms Smaller Denominations as Legal Tender Amid Rejection Concerns
The Bank of Ghana (BoG) has reiterated that all banknotes and coins issued by the central bank, including the smaller denominations, remain legal tender and must be accepted in transactions across the country.
This follows growing reports of the rejection of smaller cedi notes and coins in everyday trade, sparking public concern.
At the recent Monetary Policy Committee (MPC) press briefing, a journalist raised the issue, asking whether the lower denominations had been officially withdrawn.
Responding, the Governor of the Bank of Ghana, Dr Johnson Asiama stressed that no such move had been made.
“That concern has been raised previously, and I want to assure you that we are actively looking into it. Rest assured, a solution will be found. It is important to emphasize that all banknotes and coins issued by the Bank of Ghana remain valid for the settlement of debts and the payment of goods and services. We strongly encourage the public to accept and use them. This is our national currency, and it should be respected and utilised in all transactions,” he stated.
The Governor also urged the media to help champion the use of the cedi as Ghana’s sole legal tender, noting that widespread acceptance strengthens monetary policy effectiveness and economic stability.
Although the central bank had planned to mark the 60th Anniversary of the Cedi with an official launch event graced by President John Dramani Mahama, the programme has since been postponed indefinitely.
The Governor cited examples from countries like South Africa and Kenya, where national currencies are deeply embedded in daily life, stressing Ghana’s aspiration to build similar confidence and pride in the cedi.
