The Bank of Ghana (BoG) has announced that the upcoming Heritage Series will not introduce any new banknote denomination above the existing GH¢200 note. This clarification was made by Dominic Owusu, Director and Head of Currency Management at the BoG, during an interview on Joy FM's Super Morning Show. According to Mr. Owusu, the upgrade will only apply to the banknotes currently in circulation, ranging from GH¢1 to GH¢200.
The existing banknotes that will be upgraded as part of the Heritage Series include GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100, and GH¢200. Mr. Owusu emphasized that the central bank is not introducing a GH¢500 note or any other higher denomination as part of the Heritage Series. He urged the public to rely on information officially released by the Bank of Ghana and cautioned against claims circulating on social media about the introduction of higher denominations.
The Bank of Ghana is set to introduce the Heritage Series as part of efforts to modernize the country's banknotes and strengthen their security and durability. According to the BoG, the new banknotes are intended to preserve the cedi's national identity while ensuring that the currency remains secure, trusted, durable, and fit for the future. The new series is expected to be officially launched on November 3 at the Bank Square in Accra.
The introduction of the Heritage Series is not simply about replacing or changing the country's existing banknotes, but forms part of a broader responsibility to protect the integrity of the national currency. The BoG has no plans to introduce a denomination higher than GH¢200 under the new series. Mr. Owusu reiterated that the Heritage Series is an upgrade of the existing banknotes and does not constitute an expansion of the range of denominations currently available.
The Bank of Ghana will intensify public education on authenticating the new Heritage Series banknotes to ensure a smooth transition. The existing Cedi notes will remain legal tender alongside the Heritage Series banknotes. This move aims to educate the public on the new security features and designs of the upgraded banknotes.
The Heritage Series is part of the Bank of Ghana's efforts to respond to developments in banknote technology and security. The new banknotes will feature advanced security features to prevent counterfeiting and ensure the integrity of the currency. The BoG is committed to ensuring that the currency remains secure and trusted.
The Bank of Ghana's clarification on the Heritage Series comes as the country prepares to modernize its currency and strengthen its security features. The new series is expected to enhance the cedi's national identity and ensure its durability. The BoG's efforts aim to promote a secure and trusted currency for the country's economic growth.
Key points
- The Bank of Ghana will not introduce any new banknote denomination above GH¢200 as part of the Heritage Series.
- The Heritage Series will feature upgraded banknotes with advanced security features to prevent counterfeiting.
- The existing Cedi notes will remain legal tender alongside the Heritage Series banknotes.
