The Discontinuance Of 1 Ghana Pesewa Coin Usage: A Cause Of Massive Inflation

A currency is a vital nation property which can make and unmake a nation. It can determine a nation’s development as far as it can compete the major currencies in the world such as the American dollar, the pound sterling and the Euro. A nation can also incur an unexpected inflation by attitudes of the general citizens of the nation including the government towards the handling of its currency and that’s what Ghana is experiences as at now.

Ghanaians decision to stop the usage of the 1 pesewa has really amounted to the nation’s inflation and marketing processes. Ghanaians are out there complaining about increment of some goods but forgetting the fact that, they themselves are their own cause of the problem. The 1 pesewa was part of the nation’s currency when it took effect but why the situation that it has faded in the system in no time that even banks do not have it?

It clearly shows how the citizens and the government are failing to understand what really goes into development processes and how insight-deficient Ghana is experiencing. A survey produced results that most Ghanaians started the fading process, the 1 pesewa experienced and this attitude has compelled the government not to waste the nation’s money in producing them.

Reasons most Ghanaians are giving are that, the 1 pesewa currency are too small to handle and they become very plenty in the hand when it is been used as change. The question on board is, must the government be educating us on how to keep our own money safely too?

Prices of sachet drinking water, and other commodities have increased massively, a double increment which is not corresponding to the nation’s inflation rate. A seller of a sachet water will buy it for nearly 3 cedi and sell each at 20 pesewas to gain a 100 percent profit. How corruptible Ghanaians can be, making a 100 percent profit because of their selfish thoughts. They cannot blame so much since changing buyers will be a problem, therefore the sellers have no other option than to increase to a price that when a commodity is bought with bigger currency it can be changed .

The 1 pesewa must take effect once again. It must be used again so that commodities will attain its rightful prices and this will help decrease the economic hardship of the nation. The government must solve this problem, it must now and no other time. Ghana must be better than its present state.

Ghanaians must remember that without the 1 pesewa, the nation’s currency is not complete.

Samuel Gyekye Mensah (SUPREMO)
KNUST

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