Posted by / Thursday 17 November 2016 / No comments

The proper way to handle bank notes

Mutilated bank notes must be rejected
One of the ways of encouraging the proper use of bank notes is to empower banks to render mutilated bank notes no longer as legal tenders. When this is strictly enforced, it would compel people to handle them properly and to refuse to receive torn bank notes in exchange for payment.

Another way of encouraging the proper use of bank notes is to educate the users. Such education, it is hoped would encourage a behavioural change so that bank notes would be handled more carefully.

The use of wallets and purses
Another way of encouraging the proper use of currency notes is to use purses or wallets. The absence of the use of such means of keeping money makes the people crumble the notes anyhow and put them anywhere. This can preserve the notes and prolong their lifespan.

Use of electronic money
In this day and age, technology abounds for the payment for goods and services without the use of physical cash. In Ghana, receiving and paying for goods and services with mobile money is now common. This must be encouraged so that the use of cash or bank notes can be minimized. This can prolong the lifespan of the bank notes. Fuel distributing companies have introduced smart cards with which fuel purchases are done without the use of cash.

The use of coupons
Another solution is to the mishandling of currency notes is to encourage the use of coupons in the exchange of goods and services. The Ghana of Government is already using coupons to exchange for fuel. Government vehicles are issued with coupons to buy fuel from Goil or Ghana Oil Company all over the country.

The use of coins
Another way of ensuring that bank notes last longer is to promote the use of coins as a medium of exchange. The coins, by nature last longer than bank notes and therefore more of it must be put into circulation so that the bank notes can be saved. 

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