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09.05.2015 Feature Article

Open Letter To Bank Of Ghana: Resurrect The 1 Pesewa Coin, Create 2 Pesewa And Increase The Size And Amount In The System.

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One finest quotation I remember about Flt Lt J.J Rawlings is “ I am not an Economist, but If I see people who cannot get their daily food each day , then It means the economy is not well”.

I am not in any position to speak against the redenomination of our currency in 2007. This is because each policy that is implemented will have its good side as well as negatives. So too was that of the redenomination.

The advantages are that it has made it easy to carry huge amounts around making it easy for the banks and individuals who do businesses.

On the other side of the coin, it has brought hardship to so many Ghanaians indirectly. This applies so much to those who live with less than US$1.0 a day. It has brought unnecessary price increases which should not have happened at all if governments have listened to the plight of the Ghanaian poor.

The problem has to do with the coins. What is happening is that Bank of Ghana brought GH 1 pesewa, which was so poorly designed and that did not flourish in Ghanaian societies. To make the matter worse, GH 5 pesewa is also too small, even though it is in the system. However, instead of creating GH 2 pesewa so that it can support the GH 5 pesewa, that has never been done.

The implications are that, it has succeeded in making price increases be in GH 10 pesewa addition. Thus, if something is selling at GH 10 pesewa and there is the need for increment, it cannot go to GH 13 pesewa, or GH 16 pesewa, or GH 18 pesewa.

As simple as it may look, it is causing so much suffering to the poor Ghanaian who lives with less than US$1 a day. Today, we have to buy pure water at GH 20 pesewa, when in fact, it could have been GH 13 pesewa or GH 16 pesewa.

I am appealing to the Bank of Ghana to consider my plea and create GH 2 pesewa, increase the size of both GH 1 pesewa and GH 5 pesewa.

Ghana is a nice country and we must not frustrate our people especially the poor.

FRANCIS MIKE ESHUN
BSc Agric, Cape Coast University
Dip Ed, University of Education, Winneba.
P.O Box 54, Prestea (W/R)
Email: [email protected]

Francis Mike Eshun
Francis Mike Eshun, © 2015

The author has 16 publications published on Modern Ghana.Column: FrancisMikeEshun

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