加纳CEDI在7月

2007年7月，由Paul Amoafo Aceakah博士领导的加纳银行（BOG）通过对CEDI进行重新定义，进行了重大的货币改革。

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，加纳银行（BOG）由Paul Amoafo Aceakah博士领导，随着CEDI的重新计算，实施了一项重大的货币改革。

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.

此举使从货币中删除了四个零，将新的加纳塞迪（GH¢1）引入了等于10,000旧的塞迪斯。

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.

改革的既定目标是简化交易，恢复货币信心并提高付款效率。为此，还引入了1、10、20和50 PESEWAS的新硬币，以促进更精确的交易。

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

然而，尽管最初的乐观和公共教育工作，十年后，硬币的较小派别很快就失去了公众的青睐。

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，在供应商拒绝他们，客户避免他们和企业不再相应的价格上，一，五，10甚至20个PESEWA硬币已在很大程度上变得过时了。即使是银行也不再渴望使它们保持流通。

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）在非正式部门工人中的研究发现，由于处理困难，存储问题和客户抵抗，他们放弃了小硬币。

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.

这种沉默但系统的拒绝破坏了市场上准确的定价。正如在最近的无线电讨论和轶事证据中所观察到的那样，在PESEWAS以下的硬币几乎完全拒绝。

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.

现在应该花费15或18个PESEWA的商品定价为20或50 PESEWA，不是因为成本或需求推动通货膨胀，而是为了避免带来的不便。

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

这引起了价格的粘性，即使成本下降，价格也不会向下调整，并且价格逐渐向上偏见。

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.

现在，这种行为导致通货膨胀，而不是从通常的供应冲击嫌疑人，而是由于系统性避免使用较小的硬币而导致通货膨胀。

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）指出的那样，每天数百万此类交易会随着时间的推移侵蚀消费者的购买力。

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.

经济学家将其称为菜单成本引起的通货膨胀（Mankiw，1985年），在那里，价格上涨不是由于经济基本面，而是由于经常调整价格或处理小变化的成本和不便。

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.

看似较小的增量的复合效应，这里有20个PESEWA，那里有50个PESEWA，加起来。对于低收入家庭，这些价格的微小差异非常重要。随着时间的流逝，这会减少实际收入并加剧经济不平等。

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.

随着沼泽继续缩小GH¢1和GH¢2音符，最小交易单元可能很快可能是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).

尽管这并不完全符合过度通货膨胀的教科书定义（这意味着每月通货膨胀超过50％），但它反映了它的蔓延形式，尤其是在基本商品由于缺乏小变化而表现出不成比例的价格上涨的情况（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).

现在，价格控制（例如固定袋装水或公共交通票价的价格）似乎是个好主意，但乍一看通常会带来执法问题并带来进一步扭曲的可能性（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.

一种更实用的长期方法可能包括：恢复公共教育关于小额派别的重要性和实用性的教育；重新制定具有改善物理特性（大小）的硬币以提高可用性和耐用性；并通过移动货币或QR码来促进微数字交易，以减少对实物现金的依赖。

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

没有及时的干预，这种趋势可能会进一步扭曲定价结构并加剧经济差异。

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

解决通货膨胀的沉默驱动力需要一种联合政策和公众参与方法。