Business & Finance

New ₵1 Coin Hits Market Today

The upgraded one cedi coin will be issued for circulation today, December 12, 2022, following its announcement last week by the Bank of Ghana (BoG).


The new coin, the Bank says, is similar to the existing GH₵1 coin in shape, form and images with the Coat of Arms in front and the Scale of Justice at the back.

It has a diameter of 26.00mm with a weight of 8.23g, is round in shape and has a serrated edge.

The new coin is bi-metallic with outer gold and inner silver.

The coin has a pronounced rough edge and incorporates a latent image which appears rectangular below the Scale of Justice at the back.

“The latent image changes from a radiating star to a One Ghana cedi symbol sandwiched between two stars when tilted. The existing and the upgraded GH₵1 coins will co-circulate until the existing coin is gradually withdrawn”, the BoG said in a statement on December 6.

The Bank has urged the public to accept and use the new coin.

This comes as the GH₵1 and GH₵2 notes are being phased out of the market.

In 2021, the BoG announced plans to cease circulation of the 1 and 2 Ghana Cedi notes, whereas their coin versions remain in circulation and in use.

The Bank cited the high cost of replacing defaced notes.


Source: Fuseini

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