The Central Bank of Ghana has unveiled a new series of banknotes that are smaller, more resilient, and feature enhanced security measures. The new notes will be circulated alongside existing ones, starting December 1. The redesign includes eight denominations, ranging from 1 to 200 cedis, with the reintroduction of the 2-cedi note. The new banknotes are made from cotton paper and are designed to withstand frequent handling and Ghana's tropical climate.
The new banknotes feature designs that pay tribute to Ghanaian national heroes, including former UN Secretary-General Kofi Annan and the country's first president, Kwame Nkrumah. The notes also showcase historical sites and monuments. According to Governor of the Bank of Ghana, Johnson Asiama, the redesign aims to enhance the security and durability of the currency. The new notes have different sizes and tactile markers to help visually impaired individuals distinguish between denominations.
The Central Bank of Ghana has emphasized that physical currency remains essential to the country's monetary resilience. Despite the growth of digital payments, the bank believes that cash is still necessary. Governor Asiama noted that cyberattacks, technical failures, and natural disasters could disrupt electronic payment systems, highlighting the importance of physical currency.
The redesign of the banknotes is part of Ghana's efforts to modernize its currency. The existing notes have been in circulation for over two decades, and the bank has deemed it necessary to update them to keep up with evolving security standards and counterfeiting techniques. The new banknotes are more compact and align with international standards.
The launch of the new banknotes was attended by Ghanaian President John Mahama, who emphasized the significance of the country's currency as a symbol of national identity. The cedi, which was adopted as Ghana's national currency in 1965, derives its name from the Akan word for cowry shells, which were previously used in trade.
The new banknotes feature advanced security features to prevent counterfeiting. The Central Bank of Ghana has assured that the new notes are more secure and durable than their predecessors. The bank has also encouraged the public to accept the new notes and to report any counterfeit currency.
The introduction of the new banknotes is not expected to affect the value of the currency. The existing notes will remain in circulation alongside the new ones, and the public is advised to continue using them as usual. The Central Bank of Ghana has assured that the redesign is part of its efforts to maintain the stability and integrity of the country's currency.
Key points
- The new banknotes feature enhanced security measures and designs honoring national heroes.
