President John Dramani Mahama has disclosed that the Bank of Ghana is considering plans to refresh Ghana’s currency, with the proposed changes expected to focus mainly on strengthening the security features of the cedi banknotes.
The President made the disclosure during his tour of the Upper East Region, where he explained that currencies need to be periodically updated to stay ahead of counterfeiters.
According to Mahama, keeping the same banknotes in circulation for extended periods can make it easier for counterfeiters to study their security features and eventually reproduce them.
He explained that countries periodically update their currencies by introducing improved security features designed to make counterfeiting more difficult.
Mahama said Ghana’s current currency is “long overdue” for such a refresh and indicated that the Bank of Ghana is already considering the matter.
The President, however, made it clear that the responsibility for deciding whether and when the cedi should be redesigned or replaced rests with the Bank of Ghana.
He said the central bank governor would provide details to Ghanaians at the appropriate time once the plans had been finalised.
A possible currency refresh would primarily involve changes to the physical banknotes and their security features. This could include introducing updated measures aimed at making it more difficult for criminals to produce counterfeit notes.
Importantly, the proposed refresh should not be confused with a redenomination of the cedi.
A currency refresh does not automatically mean that the monetary value of the cedi will change. Instead, it is generally aimed at improving the security and design of banknotes while maintaining their existing denominations and monetary value.
The President did not provide a specific date for when the Bank of Ghana could introduce any new notes or updated currency series.
He instead urged Ghanaians to await an official announcement from the central bank regarding the details of the proposed changes.
Mahama also used the opportunity to speak about the recent performance of the Ghanaian currency, arguing that the cedi’s strength is closely connected to the overall management of the economy.
He attributed the relative stability of the cedi to what he described as improved economic management and said the government would continue implementing policies intended to strengthen the economy.
According to the President, maintaining economic stability would be important in supporting the performance of the local currency against major international currencies.
The proposed currency refresh therefore comes alongside broader efforts by the government and the Bank of Ghana to maintain confidence in the financial system.
For ordinary Ghanaians, any eventual change to the currency is likely to attract considerable attention, particularly regarding how existing notes would be treated and when new notes would enter circulation.
However, there has been no announcement indicating that existing cedi notes will immediately cease to be legal tender.
Until the Bank of Ghana formally announces its plans, the existing currency remains in circulation.
The proposed refresh is also expected to be closely monitored by businesses, banks and financial institutions because any changes to banknotes require careful planning and public education.
Mahama’s comments have nevertheless confirmed that discussions about updating Ghana’s currency are underway.
The final decision, including the timing, design and security features of any new notes, will ultimately come from the Bank of Ghana.
For now, Ghanaians have been advised to await further communication from the central bank as it considers the next steps for refreshing the country’s currency.
Source: Thepressradio.com
