President John Dramani Mahama has said Ghana’s currency is long overdue for a refresh, stressing the need to regularly upgrade the security features on banknotes to stay ahead of counterfeiters.
The President made the remarks during his Resetting Ghana Tour in the Upper East Region, where he explained that criminals can become more familiar with the security features of banknotes when they remain unchanged for extended periods.
According to President Mahama, countries need to periodically update their currencies because counterfeiters continuously develop new methods of reproducing banknotes.
He disclosed that he is aware of plans by the Governor of the Bank of Ghana to refresh the country’s currency, although he made it clear that the final decision on the timing and manner of the exercise rests with the central bank.
President Mahama said the Bank of Ghana would communicate its plans to the public when the appropriate time comes.
A possible currency refresh would mainly focus on strengthening the security features of the banknotes to make them more difficult to forge. Such an exercise would not automatically mean that the value of the cedi would change, nor would it amount to a redenomination.
For ordinary Ghanaians and businesses, stronger security features could make it easier to identify genuine notes and reduce the risk of counterfeit money entering circulation.
The President also stressed that refreshing the physical currency should not be confused with strengthening the economic value of the cedi.
He maintained that the performance of the currency is largely influenced by the management of the wider economy, including policies affecting inflation, foreign exchange and fiscal stability.
President Mahama attributed the cedi’s recent performance against major international currencies to what he described as improved economic management.
He assured Ghanaians that government would continue implementing policies aimed at supporting the economy and strengthening the cedi, while the Bank of Ghana determines when and how any currency refresh will be carried out.
For now, no specific date has been announced for the introduction of refreshed banknotes, and Ghanaians are expected to await an official announcement from the Bank of Ghana.
