The Bank of Ghana (BoG) is calling on the public to rethink their attitudes toward coins, cautioning that the widespread rejection of lower-denomination coins—particularly 10 and 20 pesewas—undermines financial discipline and contributes to inflationary pricing practices.
At the opening of a regional currency management workshop in Accra, the BoG’s Head of Currency Management, Mr. Dominic Owusu, expressed concern over growing public reluctance to accept coins during everyday transactions. He warned that this behavior, though often dismissed as trivial, poses long-term risks to price stability and currency efficiency.
“When people reject coins, vendors are forced to round up prices, which fuels inflation and hurts the most vulnerable,” Mr. Owusu explained. “This is not just about coins—it’s about preserving the integrity of our entire monetary system.”
Despite being legal tender backed by the state, coins—especially those under one cedi—are often ignored, discarded, or refused by traders and consumers alike. Mr. Owusu urged Ghanaians to reverse this trend and appreciate the essential role coins play in micro-transactions and monetary stability.
Coins, he added, have longer life spans than paper notes and are more cost-effective for the Central Bank to maintain. “It costs less to produce and circulate coins, so accepting them is in the nation’s financial interest,” he emphasized.
The call to action comes at a time when Ghana is battling inflationary pressures and currency management challenges. Financial experts say changing public attitudes toward coins could reduce unnecessary rounding of prices and reinforce fiscal responsibility at the grassroots level.
The BoG’s remarks were made during the launch of a five-day workshop organized by the West African Institute for Financial and Economic Management (WAIFEM). The event brings together regional stakeholders to explore innovations in currency management, including the use of AI in fraud detection, the evolution of digital currencies, and big data applications in central banking.
Dr. Christian Ahortor, WAIFEM’s Director of Research and Macroeconomic Management, said the workshop aims to equip West African institutions with forward-looking tools to strengthen their currency systems in a digital age.
As Ghana charts a path toward economic resilience, both BoG officials and financial experts agree: embracing every form of legal tender—no matter how small—is a civic duty that strengthens the country’s monetary ecosystem.
