Ghana's New Cedi Notes Spark Questions Over Technical Reasons and Costs

The Ranking Member of Parliament's Economy and Development Committee, Kojo Oppong Nkrumah, has called for the Bank of Ghana to appear before Parliament to explain the technical reasons and costs behind introducing the new Heritage Series banknotes. He expressed concerns that Parliament had not been adequately briefed on the redesign, including the selection of personalities featured on the notes. This request was made at a press conference addressing concerns about the 2027 Budget and other government decisions.

Oppong Nkrumah questioned why the central bank introduced the new currency without providing necessary information to parliamentary committees responsible for its oversight. He asked about the technical reasons for changing the currency, the cost of the exercise, and how the bank responds to misrepresentations of identities on the notes. The Ofoase Ayirebi MP also requested a copy of the due diligence report on the designs.

The concerns follow the launch of the Ghana Cedi Heritage Series by President John Dramani Mahama on Thursday, November 12, at the Bank of Ghana headquarters in Accra. The redesigned notes retain the existing eight denominations: GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100 and GH¢200. They feature prominent Ghanaian personalities, historic landmarks and Adinkra symbols.

Personalities featured on the new notes include market trader Agnes Oforiwa Tagoe-Quarcoopome on the GH¢1 note, Cardinal Peter Dery on the GH¢2, educationist J.E.K. Aggrey on the GH¢5 and former Supreme Court judge Annie Jiagge on the GH¢10. Other personalities are composer Ephraim Amu on the GH¢20, national flag designer Theodosia Okoh on the GH¢50, former United Nations Secretary-General Kofi Annan on the GH¢100 and Ghana's first President, Kwame Nkrumah, on the GH¢200.

The Bank of Ghana says the new notes have enhanced security features, improved durability and smaller sizes to make them easier to handle. Oppong Nkrumah cautioned that the Bank of Ghana would be required to account for the decisions behind the redesign and any additional costs that might arise from correcting errors in the designs.

Parliament would demand a detailed explanation and relevant documentation from the Bank of Ghana. Oppong Nkrumah served notice that the Bank of Ghana would have to appear before Parliament to answer all the questions raised. The Bank of Ghana's response to these concerns is pending.

The introduction of the new currency notes has sparked debate about transparency and accountability in the decision-making process. Key issues include the technical reasons for the redesign, the costs involved and the accuracy of the representations on the notes.

Key points

• The Bank of Ghana will have to appear before Parliament to explain the technical reasons and costs behind introducing the new Heritage Series banknotes.
• The new notes feature prominent Ghanaian personalities, historic landmarks and Adinkra symbols.
• The Bank of Ghana says the new notes have enhanced security features, improved durability and smaller sizes.