In a public transport moving from Accra Tema station to Kasoa saw a very bizarre situation where a passenger rejected pieces of the 5 pesewas coin as change.
Periodically, some economic situations like inflation often cause some currencies to lose value drastically because the value of such currencies may not be relevant in the purchase of any commodity within a specific period. One of such example is the devalue of the red tiny one pesewa coin that has not been used for about 5 years due to the fact that it lacks any purchasing power nor make any relevant payment.
Coins are made to help in changing currencies and purchasing certain cheaper commodities, but in our part of the world the moment the least commodity price surpasses the value of the coin then its purpose of helping in making payment flexible becomes irrelevant.
How long can we keep losing coins due to high and frequent increase in commodities? Who decides when a coin should not be used or accepted as a medium of exchange? Who would ensure the coin is always relevant even if it would need more to pay for a commodity?
Funny enough, I had the opportunity of asking why the passengers rejected the money and about 5 of them confirming that traders of some cheaper commodities like pure water and toffees are rejecting them so they won’t also accept it. Oh Ghana!