President John Dramani Mahama has disclosed that Ghana’s currency is due for a security refresh, with the Bank of Ghana expected to consider measures to strengthen the security features on banknotes and make them more difficult to counterfeit.
Speaking during his Resetting Ghana Tour in the Upper East Region, President Mahama explained that currencies need to be periodically updated because counterfeiters can study existing security features over time and develop methods to reproduce banknotes.
The President said Ghana’s current currency had been in circulation for a considerable period and was therefore due for an update. He added that the security features on banknotes need to evolve alongside advances in counterfeiting techniques.
Mahama also disclosed that he was aware of plans by the Governor of the Bank of Ghana to refresh the currency. However, he stressed that the decision on when and how the exercise would be carried out rests with the central bank.
He said the Bank of Ghana would communicate its plans to the public at the appropriate time once decisions regarding the currency refresh had been finalised.
A refresh of the cedi would primarily involve improving or introducing modern security features on the banknotes. Such an exercise should not automatically be interpreted as a redenomination or a change in the value of the Ghanaian currency.
The main objective would be to make banknotes more difficult for counterfeiters to reproduce and strengthen confidence in cash transactions.
The President’s comments have therefore drawn attention to the distinction between refreshing the physical currency and changing the economic value of the cedi.
Mahama also used the opportunity to speak about the recent performance of the Ghanaian currency against major international currencies. He attributed the cedi’s performance to what he described as improved economic management and government policies.
According to the President, the strength of a country’s currency is closely linked to the management of its wider economy. He said government would continue implementing measures aimed at supporting the cedi.
While a currency refresh could improve the security of Ghana’s banknotes, the broader strength of the cedi would continue to depend on economic factors such as inflation, foreign exchange availability, fiscal management and monetary policy.
For businesses and consumers, stronger security features could provide additional protection against counterfeit notes. It could also help financial institutions and businesses identify genuine currency more effectively.
However, the exact design, timing and scope of any proposed refresh remain unclear. The Bank of Ghana is expected to provide further information when the necessary plans are ready.
The development comes as Ghana continues efforts to strengthen confidence in its financial system and improve the performance of the domestic currency.
President Mahama has indicated that government will continue pursuing policies intended to support the cedi, while the central bank handles the technical aspects of any currency refresh.
For now, Ghanaians will have to wait for an official announcement from the Bank of Ghana on what changes, if any, will be introduced to the country’s banknotes.
Source: Thepressradio.com
