The Bank of Ghana (BoG) has clarified that the upcoming Heritage Series rollout on November 3 will not introduce new banknotes or higher denominations, contrary to claims circulating in the media. According to Dominic Owusu, Director of the Currency Management Department at the BoG, the Heritage Series will upgrade existing currencies with improved durability and modern designs that reflect Ghana's heritage and aspirations. This move aims to provide stronger protection against counterfeiting and support more efficient currency management.
The BoG has urged the public to disregard false claims about the introduction of new notes and higher denominations, such as the proposed GH¢500 note. Owusu emphasized that the upgrade will cover existing denominations in circulation, with no changes beyond the GH¢200 note. The central bank's goal is to enhance the security and durability of the currency while maintaining its familiar denominations. This decision is expected to reassure the public and prevent unnecessary speculation about the currency.
The Heritage Series rollout is part of the Ghanaian cedi's 60th anniversary celebrations, which took place on October 28. The cedi was introduced on July 19, 1965, and has undergone several reforms and redesigns to reflect the nation's evolving economic landscape. The Bank of Ghana held an official launch at the Accra International Conference Center under the theme, "60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience." The event was attended by Vice President Jane Naana Opoku-Agyemang and other government officials.
The 60th anniversary celebrations represented Ghana's economic journey and resilience over the past six decades. BoG Governor, Johnson Pandit Asiama, noted that the celebration aims to rekindle public confidence in the national currency. The event provided an opportunity for stakeholders to reflect on the cedi's history and its role in Ghana's economic development. The BoG's efforts to upgrade the currency and enhance its security features are expected to boost public trust in the cedi.
In a separate development, the Bank of Ghana will begin selling portions of its gold reserves in exchange for foreign currency to banks and other market participants under its Domestic Gold Purchase Programme. The programme aims to provide a stable source of foreign exchange for the economy. According to the BoG, only approved banks will be permitted to participate in the auctions, which are scheduled to take place every week.
The Domestic Gold Purchase Programme will be implemented in a fair and transparent manner to ensure equal access for all market participants. BoG Governor, Dr. Johnson Asiama, announced that the exercise will start in October 2025, with plans to sell up to US$1.15 billion for the month. The sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks. This move is expected to enhance the country's foreign exchange management and provide a boost to the economy.
The Bank of Ghana's initiatives aim to promote economic stability and resilience in Ghana. The Heritage Series rollout and the Domestic Gold Purchase Programme are part of the central bank's efforts to maintain a stable currency and promote economic growth. By enhancing the security and durability of the currency and providing a stable source of foreign exchange, the BoG is working to support Ghana's economic development and promote public confidence in the national currency.
Key points
- The Bank of Ghana's Heritage Series will not introduce new banknotes or higher denominations, contrary to claims circulating in the media.
- The Ghanaian cedi marked its 60th anniversary on October 28, symbolizing the nation's economic independence.
- The Bank of Ghana will begin selling portions of its gold reserves in exchange for foreign currency under its Domestic Gold Purchase Programme.
