Ghana’s currency is ‘long overdue for refreshing’ – Mahama

President John Dramani Mahama has stated that Ghana's currency, the cedi, requires a refreshing update to combat counterfeiters. He explained that currencies should be periodically updated, saying, "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."

The President added that the authority to redesign or replace the cedi lies with the Bank of Ghana. Mahama disclosed that he is aware of the Bank of Ghana's plans to refresh the currency, and the central bank will inform the public once ready. He emphasized that a currency refresh would primarily involve updating the security features of Ghana's banknotes, not altering the value of the cedi.

The immediate benefit, according to Mahama, would be stronger protection against counterfeit notes and greater confidence in cash transactions. He cautioned against conflating the currency's appearance or security with its economic strength, attributing the cedi's current robustness to good economic management. The Bank of Ghana, Mahama noted, is responsible for determining the timing and scope of any currency refresh.

While a refresh would aid in staying ahead of counterfeiters, it would not alone strengthen the cedi. The currency's overall performance still hinges on factors such as inflation, foreign exchange supply, fiscal management, and monetary policy. Mahama assured the government's continued efforts to bolster the cedi's strength, while the Bank of Ghana decides on the appropriate time for a currency refresh.