Bank of Ghana: The saying that saving for a rainy day(s) is one of the sure ways to secure a financially sound future is still in doubt to me. Growing up I was as part of my training taught the habit of saving. The least money I made was quickly stuffed into my piggy box as we call it “susu” box in my local parlance. At a point when I needed to purchase something dear to my heart, that box was my saviour.
Surprisingly, I grew up with the culture of saving, not with the bank but still with my piggy box. The reasons are simple; no joining of the queue, no atm swipes required, I don’t need to be practicing my signature even when I have no intentions of visiting the bank least I forget the pattern and so forth.
Please note by the above statement, I am not encouraging you to avoid saving with the bank. Far from that, because the bank offers security, loans, interest on savings amongst other juicy benefits.
However, even my “localized” savings culture is never consistent due to the Bank Of Ghana’s periodic change or so it seems change in currency. It’s either the change is with the form of the currency, more or new security features added and the list continues. These directives are usually from the Bank of Ghana.
Today’s news has it that the ¢1 and ¢2 notes will be phased out of circulation soon, as the Bank of Ghana gradually plans to remove them from circulation.
Eeeei!! What happens to all the 1 and 2 cedis I have saved for all this while? I guess I quickly will have to spend it or you suggest I change them into bigger denominations? Again the Bank of Ghana gives an interesting reason for their decisions.
The poor handling of the notes and how they are torn and soiled easily compared to the others according to the bank makes it expensive printing new notes.
Dr. Ernest Addison, Governor of the Bank of Ghana addressing the press said the Central Bank will not print any more of the ¢1 and ¢2 notes when those in circulation are phased out.
The two denominations will be replaced by the ¢1 and ¢2 coins respectively. This means that in order to continue and sustain my saving culture, I have to adopt the coins. Come to think of it, buying a wallet or ladies purse to neatly handle the notes won’t be a bad idea at all. Actually it will help increase the life-span of these notes as well as reduce governments burden of finding money to print new currencies.