BoG Governor justifies plan to introduce upgraded banknotes; says they are designed to provide stronger protection against counterfeiting

Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, has defended the bank's plan to introduce upgraded banknotes. He highlighted that these new banknotes will feature advanced security measures, increased longevity, and contemporary designs that highlight Ghana's history and future goals. These "Heritage Series" banknotes aim to offer superior defenses against counterfeit money, endure long-term use, and facilitate more efficient, cost-effective currency management.

Asiama unveiled the new banknotes, known as the Heritage Series, at the 132nd Monetary Policy Committee (MPC) press conference in Accra on September 24. The Heritage Series also offers a unique platform to recognize our national heroes and showcase Ghana's culture and identity through innovative currency designs. Each banknote in the series is inspired by elements from Ghanaian history, symbolizing our past while looking forward with confidence.

Asiama clarified that the introduction of the Heritage Series does not render the current Ghana Cedi banknotes invalid. They will continue to be legal tender and will circulate alongside the new banknotes. He urged the public to continue using their existing banknotes alongside the upgraded ones, and not to rush to exchange or withdraw them due to the new currency.

Asiama emphasized that the security of our currency is a shared responsibility, not just for the Bank of Ghana. He called on all Ghanaians, businesses, traders, and financial institutions to treat our banknotes with the care and respect they deserve. He appealed to everyone to avoid damaging practices like crumpling, writing on, stapling, or using banknotes for decorative purposes.

Proper handling will maintain the quality of our banknotes, lower replacement costs, and support effective currency management.