President John Dramani Mahama has revealed that Ghana’s cedi is long overdue for a refresh, with the Bank of Ghana considering plans to upgrade the security features on the country’s banknotes.
Speaking during his Resetting Ghana Tour in the Upper East Region, President Mahama said currencies must be periodically updated to make it more difficult for counterfeiters to reproduce them.
He explained that when the same banknotes remain in circulation for too long, criminals get more time to study their security features and develop ways to produce fake versions.
“Every country, every ten years, you are supposed to refresh your currency because if you use the same currency for too long, people learn how to counterfeit it,” President Mahama said.
He added that Ghana’s current currency has gone too long without such an update.
“And so this particular currency is long overdue for refreshing,” he said.
Bank of Ghana Has Plans
President Mahama disclosed that he is aware that the Governor of the Bank of Ghana has plans to refresh the currency.
However, he stressed that the final decision on when and how the exercise will be carried out rests with the central bank.
“I know the governor has plans to refresh the currency and I am sure that at the appropriate time, the Bank of Ghana will let Ghanaians know what they are doing about it,” he said.
This means that while plans are reportedly being considered, the Bank of Ghana has not yet announced when any refreshed notes will be introduced or exactly what they will look like.
What Will Change?
A currency refresh would mainly focus on upgrading the security features of Ghana’s banknotes to make them harder to counterfeit.
It does not necessarily mean Ghana is changing the value of the cedi or carrying out another redenomination.
For businesses and consumers, stronger security features could make it easier to identify genuine notes and reduce the risk of counterfeit money entering circulation.
Mahama Links Cedi Strength to Economy
President Mahama also stressed that changing the appearance or security features of the banknotes should not be confused with strengthening the cedi itself.
According to him, the performance of the currency is closely linked to the management of the wider economy.
“What I would say is that the cedi today is stronger than it was in the past because of good economic management,” he said.
He further pointed to government’s economic policies as a factor supporting the cedi’s performance against major international currencies.
“Your currency is as strong as your economic management and because of the good policies we put in place, the cedi is holding its own against other major currencies,” he added.
No Date Yet for New Notes
For now, Ghanaians will have to wait for an official announcement from the Bank of Ghana on the timing and scope of any currency refresh.
The proposed exercise is primarily aimed at strengthening the security of the cedi against increasingly sophisticated counterfeiting methods.
The broader strength of the currency, however, will continue to depend on economic factors such as inflation, foreign exchange supply, fiscal management and monetary policy.
President Mahama said government will continue working to support the strength of the cedi, while the Bank of Ghana determines when and how the currency should be refreshed.
