No GH¢500 note will be introduce in Heritage Series – BoG

The Bank of Ghana (BoG) has firmly denied rumors that a new GH¢500 banknote will be introduced as part of their upgraded Heritage Series. Dominic Owusu, Director of the Currency Management Department at the BoG, clarified that the upcoming series, set to launch on November 3, 2026, aims solely at upgrading existing Ghana cedi notes and does not involve the introduction of new denominations.

In a recent interview on Joynews Super Morning Show, Mr. Owusu emphasized that the public should disregard any social media reports suggesting the Bank's plans to introduce a GH¢500 note or higher denominations. He stated that the upgraded banknotes will feature enhanced security measures to combat counterfeiting effectively. Additionally, the new banknotes will be made from stronger materials to ensure durability during frequent use, while their designs will pay homage to Ghana’s heritage and national aspirations.

The BoG’s goal is to modernize the currency, addressing changes in circulation patterns, technological advancements, and improvements in banknote security technology. Governor of the BoG, Dr Johnson Pundit Asiama, explained that the Heritage Series is an integral part of the Bank's efforts to modernize Ghana’s currency, responding to evolving needs in the financial landscape.

The redesigned notes will incorporate Ghanaian symbols and images linked to national heroes, reflecting significant aspects of the nation’s history and future aspirations.

It is important to note that the current cedi notes will retain their validity after the launch of the new Heritage Series. These banknotes will coexist with the existing ones, ensuring that the public can continue to use the existing denominations after the series' introduction on November 3.