The Bank of Ghana (BoG) has issued a strong warning against the growing refusal to accept coins, particularly smaller denominations such as the 10 and 20 pesewa coins, citing its potential to disrupt pricing and undermine national efforts to control inflation.
According to the Central Bank, all currency it issues, both coins and notes, remains legal tender and must be accepted for all payments without exception. The practice of rejecting coins, especially in everyday, small-scale transactions, has become widespread, prompting concern over its broader impact on economic stability.
“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,” said Dominic Owusu, Head of Currency Management at the BoG.
Speaking at the launch of a five-day workshop on currency management and forecasting, organised by the West African Institute for Financial and Economic Management (WAIFEM), Mr Owusu explained that rejecting coins not only disrupts payment systems but also encourages price rounding, a behaviour that feeds into inflationary pressures.
He also stressed that coins, being more durable than paper notes, help reduce the cost of producing and replacing physical currency over time.
“Please accept the coins. No one should reject any coin legally issued by the Central Bank,” he said.
The BoG’s comments come amid a broader push to raise public awareness about the importance of currency integrity and its role in sustaining macroeconomic stability. The Central Bank is also intensifying its public education campaigns to encourage proper currency handling and acceptance.
The WAIFEM workshop, which brings together financial sector stakeholders from across West Africa, is focusing on emerging trends in currency operations.
According to Dr Christian Ahortor, Director of Research and Macroeconomic Management at WAIFEM, the programme will explore new technologies such as artificial intelligence and machine learning for fraud detection, developments in digital currency, and the use of big data in currency management.
