The Bank of Ghana is set to introduce a new series of Ghana cedi banknotes known as the ‘Heritage Series’, as part of efforts to modernise the country’s currency, strengthen its security features and improve the durability of banknotes in circulation.
The new series will retain all the existing denominations of the Ghana cedi, namely GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100 and GH¢200. The introduction of the Heritage Series will therefore not result in the creation of any new denominations.
Governor of the Bank of Ghana, Dr Johnson Asiamah, said the new banknotes have been designed to meet the changing requirements of Ghana’s currency system while providing stronger protection against counterfeiting. He explained that the redesign forms part of measures to ensure that the cedi remains secure and reliable as it continues to serve as the country’s medium of exchange.
According to Dr Asiamah, the Heritage Series is also expected to improve the durability of banknotes and enable them to withstand prolonged circulation. This, he said, could contribute to more efficient and cost-effective currency management by reducing some of the challenges associated with the frequent replacement of worn-out notes.
Existing banknotes remain legal tender
Dr Asiamah clarified that the introduction of the Heritage Series does not mean the existing Ghana cedi banknotes have ceased to be legal tender. He said the current notes will continue to circulate alongside the new Heritage Series notes.
The clarification is intended to assure members of the public that there will be no immediate requirement for holders of the existing denominations to exchange them simply because the new series is being introduced. Both the existing banknotes and the new Heritage Series notes will therefore be part of the currency in circulation during the transition.
The Governor said the continued circulation of the existing notes alongside the new series forms part of the Bank of Ghana’s approach to managing the introduction of the redesigned currency while ensuring that the payment system continues to operate smoothly.
Focus on currency security and durability
The introduction of the Heritage Series forms part of the Bank of Ghana’s broader efforts to ensure that Ghana’s currency remains secure, durable and responsive to the changing needs of the economy.
The stronger security features are expected to make the notes more difficult to counterfeit, while improvements in durability are aimed at ensuring that banknotes remain usable for longer periods under normal circulation conditions.
The move also highlights the importance of effective currency management, particularly as the central bank seeks to balance the cost of producing and replacing banknotes with the need to maintain a reliable supply of clean and secure currency for businesses and the general public.
Bank of Ghana maintains Monetary Policy Rate at 14%
On the broader economy, Dr Asiamah said the decline in inflation is contributing to improved economic conditions and supporting growth.
He added that the Bank of Ghana’s Monetary Policy Committee had voted to maintain the Monetary Policy Rate at 14 percent, as the central bank continues to balance the need to support economic growth with efforts to keep inflation under control.
The decision reflects the central bank’s monetary policy approach amid changing economic conditions, with inflation trends remaining an important consideration in determining the direction of monetary policy.
Dr Asiamah said the improvement in inflation and broader economic conditions provides an important backdrop to the Bank’s ongoing efforts to maintain macroeconomic stability while supporting sustainable economic activity.
The introduction of the Heritage Series, together with the Bank of Ghana’s monetary policy measures, forms part of the institution’s broader mandate to maintain confidence in the country’s currency and contribute to a stable financial and economic environment.
Story by Ama Frimpomaa