Cedi is ‘long overdue for a refresh’ – Mahama

Ghana's President John Dramani Mahama has stated that the country's cedi currency is "long overdue for refreshing." This assessment is based on the need to regularly update security features on banknotes to prevent counterfeiters from making accurate reproductions. During a tour of the Upper East Region, Mahama explained that currencies should be refreshed every 10 years, as prolonged use allows counterfeiters to learn how to replicate them effectively.

He emphasized that updating security features enables central banks to stay ahead of counterfeiters, making it more challenging for them to produce their own currency. Mahama described the current Ghanaian cedi as "long overdue for refreshing" and noted that the Bank of Ghana is considering this matter. The decision to redesign or replace the cedi lies solely with the Bank of Ghana.

A currency refresh would entail updating security features on banknotes to enhance their protection against counterfeiting, without altering the cedi's value or causing a redenomination. Mahama defended the cedi's recent stability, attributing it to improved economic management. He expressed confidence in the Bank of Ghana's plans to refresh the currency at the appropriate time and reiterated that details of any proposed currency changes would be announced by the central bank.