Ghana Nsem
The Bank of Ghana has ruled out introducing a GH¢500 denomination as part of the upcoming Heritage Series of cedi notes. The new notes, expected in November, will feature enhanced security and durability while existing denominations will remain valid.
The Ghana cedi has weakened against the US dollar, with the dollar’s selling rate rising to GH¢11.12 on the interbank market as of August 24. Bank of Ghana data indicate that the cedi depreciated by about 1.55% against the dollar between August 17 and August 24.
President John Dramani Mahama says Ghana’s currency is due for a security refresh to make banknotes more difficult for counterfeiters to reproduce. He says the Bank of Ghana is considering the move, but the central bank will decide when and how the exercise will be implemented.