加納CEDI在7月

2007年7月，由Paul Amoafo Aceakah博士領導的加納銀行（BOG）通過對CEDI進行重新定義，進行了重大的貨幣改革。

In July 2007, the Bank of Ghana (BoG), then led by Dr Paul Amoafo Acquah, implemented a major monetary reform with the redenomination of the cedi.

2007年7月，加納銀行（BOG）由Paul Amoafo Aceakah博士領導，隨著CEDI的重新計算，實施了一項重大的貨幣改革。

This move saw the removal of four zeros from the currency, introducing the new Ghana cedi (GH¢1) as equal to 10,000 old cedis.

此舉使從貨幣中刪除了四個零，將新的加納塞迪（GH¢1）引入了等於10,000舊的塞迪斯。

The stated aims of the reform were to simplify transactions, restore currency confidence and improve payment efficiency. To this end, new coins in denominations of one, five, 10, 20 and 50 pesewas were also introduced to facilitate more precise transactions.

改革的既定目標是簡化交易，恢復貨幣信心並提高付款效率。為此，還引入了1、10、20和50 PESEWAS的新硬幣，以促進更精確的交易。

However, despite initial optimism and public education efforts, over a decade later, the smaller denominations of coins have quickly lost public favour.

然而，儘管最初的樂觀和公共教育工作，十年後，硬幣的較小派別很快就失去了公眾的青睞。

Today, one, five, 10 and even 20 pesewa coins have largely become obsolete in the sense that vendors refuse them, customers avoid them and businesses no longer price goods accordingly. Even banks are no longer keen on keeping them in circulation.

如今，在供應商拒絕他們，客戶避免他們和企業不再相應的價格上，一，五，10甚至20個PESEWA硬幣已在很大程度上變得過時了。即使是銀行也不再渴望使它們保持流通。

Research by Amoako-Agyeman & Mintah (2014) among informal sector workers found that they abandoned small coins due to handling difficulties, storage issues and customer resistance.

Amoako-Agyeman＆Mintah（2014）在非正式部門工人中的研究發現，由於處理困難，存儲問題和客戶抵抗，他們放棄了小硬幣。

This silent yet systemic rejection has disrupted accurate pricing in the market. As observed in recent radio discussion and anecdotal evidence, there is a near-complete rejection of coins below 50 pesewas.

這種沉默但係統的拒絕破壞了市場上準確的定價。正如在最近的無線電討論和軼事證據中所觀察到的那樣，在PESEWAS以下的硬幣幾乎完全拒絕。

Goods that should logically cost 15 or 18 pesewas are now priced at 20 or 50 pesewas, not because of cost or demand push inflation, but to avoid the inconvenience of small change.

現在應該花費15或18個PESEWA的商品定價為20或50 PESEWA，不是因為成本或需求推動通貨膨脹，而是為了避免帶來的不便。

This has induced price stickiness, prices that do not adjust downwards even when costs fall, and a gradual upward bias in pricing.

這引起了價格的粘性，即使成本下降，價格也不會向下調整，並且價格逐漸向上偏見。

Now, this behaviour is contributing to inflation not from the usual suspects of supply shocks, but rather from a systemic avoidance of using smaller coins.

現在，這種行為導致通貨膨脹，而不是從通常的供應衝擊嫌疑人，而是由於系統性避免使用較小的硬幣而導致通貨膨脹。

As Aryeetey & Baah-Boateng (2015) point out, millions of such transactions daily can erode consumer purchasing power over time.

正如Aryeetey＆Baah-Boateng（2015）指出的那樣，每天數百萬此類交易會隨著時間的推移侵蝕消費者的購買力。

Economists refer to this as menu cost-induced inflation (Mankiw, 1985), where prices rise not due to economic fundamentals, but because of the costs and inconveniences of frequently adjusting prices or dealing with small changes.

經濟學家將其稱為菜單成本引起的通貨膨脹（Mankiw，1985年），在那裡，價格上漲不是由於經濟基本面，而是由於經常調整價格或處理小變化的成本和不便。

The compounding effect of seemingly minor increments, 20 pesewas here, 50 pesewas there, adds up. For lower-income households, these small differences in prices matter greatly. Over time, this reduces real income and worsens economic inequality.

看似較小的增量的複合效應，這裡有20個PESEWA，那裡有50個PESEWA，加起來。對於低收入家庭，這些價格的微小差異非常重要。隨著時間的流逝，這會減少實際收入並加劇經濟不平等。

As the BoG continues phasing out GH¢1 and GH¢2 notes, there is a risk that the minimum transaction unit could soon be GH¢5.

隨著沼澤繼續縮小GH¢1和GH¢2音符，最小交易單元可能很快可能是GH¢5。

While this doesn't quite meet the textbook definition of hyperinflation (which implies monthly inflation over 50 per cent), it reflects a creeping form of it, especially where essential goods exhibit disproportionate price hikes due to the absence of small change (Hanke & Krus, 2013).

儘管這並不完全符合過度通貨膨脹的教科書定義（這意味著每月通貨膨脹超過50％），但它反映了它的蔓延形式，尤其是在基本商品由於缺乏小變化而表現出不成比例的價格上漲的情況（Hanke＆Krus，2013年）。

Now, price controls, such as fixing the price of sachet water or public transport fares, may seem like a good idea at first glance, but they often come with problems of enforcement and carry the potential for further distortions (Tanzi, 1991).

現在，價格控制（例如固定袋裝水或公共交通票價的價格）似乎是個好主意，但乍一看通常會帶來執法問題並帶來進一步扭曲的可能性（Tanzi，1991）。

A more practical, long-term approach could include: reviving public education on the importance and utility of small denominations; re-minting coins with improved physical properties (size) to increase usability and durability; and promoting micro-digital transactions through mobile money or QR codes to reduce dependency on physical cash.

一種更實用的長期方法可能包括：恢復公共教育關於小額派別的重要性和實用性的教育；重新制定具有改善物理特性（大小）的硬幣以提高可用性和耐用性；並通過移動貨幣或QR碼來促進微數字交易，以減少對實物現金的依賴。

Without timely intervention, this trend could further distort pricing structures and worsen economic disparities.

沒有及時的干預，這種趨勢可能會進一步扭曲定價結構並加劇經濟差異。

Addressing this silent driver of inflation requires a combined policy and public engagement approach.

解決通貨膨脹的沉默驅動力需要一種聯合政策和公眾參與方法。