The Bank of Ghana is introducing a new series of Ghana cedi banknotes known as the ‘Heritage Series’. This move is part of efforts to modernise the country’s currency, strengthen its security features, and improve the durability of banknotes in circulation. The new series will retain all existing denominations of the Ghana cedi, namely GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100, and GH¢200.
The introduction of the Heritage Series will not result in the creation of any new denominations. Governor of the Bank of Ghana, Dr Johnson Asiamah, stated that the new banknotes have been designed to meet the changing requirements of Ghana’s currency system while providing stronger protection against counterfeiting. The redesign aims to ensure that the cedi remains secure and reliable as it continues to serve as the country’s medium of exchange.
According to Dr Asiamah, the Heritage Series is expected to improve the durability of banknotes and enable them to withstand prolonged circulation. This could contribute to more efficient and cost-effective currency management by reducing some of the challenges associated with the frequent replacement of worn-out notes. The introduction of the Heritage Series forms part of the Bank of Ghana’s broader efforts to ensure that Ghana’s currency remains secure, durable, and responsive to the changing needs of the economy.
Existing banknotes remain legal tender, and the introduction of the Heritage Series does not mean that the existing Ghana cedi banknotes have ceased to be legal tender. The current notes will continue to circulate alongside the new Heritage Series notes. This clarification aims to assure members of the public that there will be no immediate requirement for holders of the existing denominations to exchange them simply because the new series is being introduced.
The Governor said the continued circulation of the existing notes alongside the new series forms part of the Bank of Ghana’s approach to managing the introduction of the redesigned currency while ensuring that the payment system continues to operate smoothly. The stronger security features are expected to make the notes more difficult to counterfeit, while improvements in durability are aimed at ensuring that banknotes remain usable for longer periods under normal circulation conditions.
On the broader economy, Dr Asiamah stated that the decline in inflation is contributing to improved economic conditions and supporting growth. The Bank of Ghana’s Monetary Policy Committee had voted to maintain the Monetary Policy Rate at 14 percent, as the central bank continues to balance the need to support economic growth with efforts to keep inflation under control. This decision reflects the central bank’s monetary policy approach amid changing economic conditions.
The introduction of the Heritage Series, together with the Bank of Ghana’s monetary policy measures, forms part of the institution’s broader mandate to maintain confidence in the country’s currency and contribute to a stable financial and economic environment. The improvement in inflation and broader economic conditions provides an important backdrop to the Bank’s ongoing efforts to maintain macroeconomic stability while supporting sustainable economic activity.
Key points
- The new Heritage Series banknotes will have stronger security features to prevent counterfeiting.
- The existing banknotes will remain legal tender and circulate alongside the new Heritage Series notes.
- The Bank of Ghana’s Monetary Policy Committee maintained the Monetary Policy Rate at 14 percent.
