The Governor of the Bank of Ghana, Dr. Asiama, has addressed concerns about the cost of upgrading cedi banknotes, stating that the rollout has been budgeted for and will be reflected in the central bank's 2026 audited financial statements. This clarification was made during the 132nd Monetary Policy Committee (MPC) press conference in Accra on Thursday, September 24. The upgrade, known as the "Heritage Series," aims to incorporate enhanced security features, improved durability, and modern designs that reflect Ghana's heritage and aspirations.
The Heritage Series is designed to provide stronger protection against counterfeiting, withstand the demands of prolonged circulation, and support more efficient and cost-effective currency management. According to Dr. Asiama, each denomination is inspired by Ghanaian iconographic elements, telling the story of Ghana's past while looking confidently towards the future. This new series is expected to honor national heroes and celebrate Ghana's heritage, culture, and identity through modern and progressive currency designs.
Dr. Asiama emphasized that the introduction of the Heritage Series does not mean that the existing Ghana Cedi banknotes will cease to be legal tender. Instead, the Heritage Series will co-circulate with the existing Ghana Cedi banknotes currently in circulation. The public is advised to continue using the existing banknotes alongside the upgraded notes, and there is no need to rush to exchange or withdraw existing notes solely because of the introduction of the Heritage Series.
The Governor of the Bank of Ghana also appealed to Ghanaians, businesses, traders, and financial institutions to handle banknotes with care and respect. He stressed that the integrity of the currency is not the responsibility of the Bank of Ghana alone but a shared national responsibility. The public is encouraged to desist from crumpling, writing on, stapling, or using banknotes for decorative purposes, money bouquets, showering, spraying, or other forms of currency abuse.
Proper handling of banknotes will help preserve their quality, reduce replacement costs, and support efficient currency management. Dr. Asiama's appeal aims to promote a culture of responsible currency handling among Ghanaians. By doing so, the Bank of Ghana hopes to minimize the environmental and economic impacts associated with frequent banknote replacements.
The Heritage Series is part of the Bank of Ghana's efforts to maintain the integrity and security of the national currency. The upgraded banknotes are expected to play a crucial role in promoting financial stability and confidence in the Ghanaian economy. The Bank of Ghana's proactive approach to currency management is seen as a positive step towards ensuring the long-term sustainability of the Ghana Cedi.
The introduction of the Heritage Series is also expected to have a positive impact on Ghana's economy, particularly in the areas of tourism and cultural promotion. The unique designs and security features of the upgraded banknotes are likely to attract attention from collectors and tourists, potentially boosting the country's cultural and economic appeal. Overall, the upgrade is seen as a strategic move to promote Ghana's heritage and economic development.
Key points
- The cost of upgrading cedi banknotes has been budgeted for and will be reflected in the Bank of Ghana's 2026 audited financial statements.
