Security of a country’s currency is critical. It happens that individuals get cheeky to the point of trying to imitate a country’s currency. To minimize such kind of felonies, Ghana has chosen to come up with a more secure currency that is more difficult to imitate. The country has dispatched the new notes for use since 6th May 2019 through the central bank of Ghana.
The value of a country’s economy gets compromised when fake notes are circulating. To cut down the cases of existence of counterfeit currency, Ghana has chosen to come up with better and more advanced security features in the country’s notes. The first batch that has been improved is the ten, twenty and fifty cedi notes. The notes also have better technological features that aim at enhancing smoother operations during transactions. How about you enlightened yourself on the key areas that have changed in the new notes;
What kind of money does Ghana use?
The central bank of Ghana is responsible for coming up with the currency in Ghana. Ghanaian currency is called Cedi.
Features of the Ghanaian currency
Each one of the Ghanaian notes has a portrait at the front of the currency. The portrait consists of six Ghanaians who had a contribution to the struggle for independence in Ghana. These six prominent leaders are; Kwame Nkrumah, Edward Akufo-Addo, Joseph Boakye Danquah, William Ofori Atta, Ebenezer Ako Adjei and, Emmanuel Odarkwei Obetsebi Lamptey. The note also contains the symbol of the political independence of Ghana; the Independence Arch.
Differentiating features of the Ghanaian Cedi notes
Each denomination of the Ghanaian cedi has a feature that distinguishes it from the rest. These are the differentiating features;
The fifty Ghana Cedi note
The fifty Ghana cedi note has the characteristic feature of the Independence Arch and the portrait of the prominent Ghanaian leaders who had significant contribution in the struggle of independence. The differentiating factor of the fifty Cedi note is the Christianborg Castle and the seat of Government. The seat of Government is a symbol of good governance.
The twenty-Cedi Ghana note
The twenty-Cedi Ghana note is different from the rest of the notes as it has the Supreme court building at the back of the note. The symbol of the Supreme Court building represents the rule of law in the country.
The ten-Cedi Ghana note
Just like the other notes, the ten-Cedi Ghana note has the other standard features. The only distinguishing aspect is the headquarters of the Bank of Ghana at the back of the note. This symbol depicts the bank as the sole issuer of the country’s currency and the importance of the financial system towards the country’s economy.
Pictures of the old Ghana Cedis notes
The Central Bank of Ghana issued a directive in April that it would improve the features of the notes in the country. This change aimed to enhance the security features of the country’s currency. Another concern was the technological advancements. The central bank stated that the old notes did not comply with the technological advancements. Hence, there was a need to evolve the existing notes to come up with features that would meet these requirements, to make them more convenient for machine readability.
According to the Central Bank of Ghana, the new notes would be used alongside the old ones, hence would not affect anything in the market. However, with time, the old notes would be phased out, and only the new notes would be used. So far, the new notes come in denominations of 10 Cedis, 20 Cedis, and 50 Cedis. The notes already have better machine readability. The notes were set for use as from 6th May 2019.
Features on the new Ghana Cedi note
With compliance to the technological advancements, the government of Ghana through the Central Bank of Ghana made a directive to upgrade the Cedi notes in the country. The main difference between the old notes and the updated Cedi notes is that the upgraded ones come with an enhanced security feature which is the magnetic image. The optically variable magnetic image called the spark live, is one of the improved features. Another feature that differentiates the new notes from the old one is the enhanced security thread called the Rapid. The new note also comes with an improved iridescent band on the back side of the note, and a watermark that is more pronounced.
1. Optically Variable Magnetic Image (SPARK LIVE)
The key features that the central bank of Ghana has chosen to focus on are meant to increase the security of the currency. The Optically Variable Magnetic Image, also known as the SPARK LIVE, comes in the form of a shiny image whose colour changes depending on the position of the note. This shiny colour appears on the area where the cowrie shell is on the notes. According to the specification of the Central bank of Ghana, when the new note is tilted, the colour is supposed to change from gold to green. The shiny line cuts across the cocoa pods, cowrie shell and star, causing them to move up and down when tilted towards the light.
2. The New Enhanced Security Thread (RAPID)
The other feature is the New Enhanced Security Thread (RAPID). The RAPID is a shiny line that appears to be broken. The line seems to run through the note, from top to bottom, and when viewed against the light, the shiny-broken lines appear to be continuous. Also, when you tilt the note in light, the corner where the denomination is, the star on that corner appears to contract and expand. However, the value of the denomination does not change.
3. The more prominent watermark
The more pronounced watermark is another new feature on the new notes. The watermark is located on the Tetteh Quarshie with the cocoa pod, but on the original note, has been made more visibly clear o the area with the plain star. When you view the note in light, the watermark appears on both sides of the note. The denomination value also appears in the watermark area.
4. The enhanced Iridescent Band at the back of the note
The central bank of Ghana has made the band more precise and more comfortable to identify. The enhanced iridescent band at the back of the note is a golden band that comes with golden bars, on the back side of the note. The band runs from the top of the note to the bottom. You can see the band when you tilt the banknote against the light.
These enhanced features are meant to improve the security of the country’s currency. They are also expected to make it smoother for use, especially for cases where technological transactions are involved. The new Cedi notes were dispatched for use on 6th May 2019. You should make a point of owning one.