Bank Of Ghana Upgrades Features On The One Ghana Cedi Coin: Takes Effect From Monday December 12

Bank Of Ghana Upgrades Features On The One Ghana Cedi Coin: Takes Effect From Monday December 12

  • The Bank of Ghana has upgraded the features on the One Ghana Cedi coins with better security features
  • In a statement, the Bank of Ghana explained that the upgraded coin is bi-metallic with an outer gold and inner silver -- the reverse of the existing coin
  • Also, the upgraded coin has a pronounced rough edge and incorporates a latent image, which appears in a rectangular form below the Scale of Justice at the back

Ghana’s central bank has announced that there have been upgrades to the GH¢1 coin with enhanced security features.

The Bank of Ghana has said in a statement that it will issue the upgraded GH¢1 coin into circulation from Monday, December 12, 2022.

Bank of Ghana has upgraded the features on the one Ghana cedi coin
The Bank of Ghana announced the new features on Tuesday, December 6, 2022. Source: UGC, Facebook/@thebankofghana
Source: UGC

In a press release, the BoG said the upgraded coin is similar to the existing GH¢1 coin in shape, form and images.

“The Coat of Arms in front and the Scale of Justice at the back. The upgraded GH¢1 coin is bi-metallic with an outer gold and inner silver.

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“The coin has a pronounced rough edge and incorporates a latent image, which appears in a rectangular form below the Scale of Justice at the back. The latent image changes from a radiating star to a One Ghana cedi symbol sandwiched between two stars when tilted,” the statement from the BoG explained.

The Bank of Ghana release dated December 6, 2022, said the existing and the upgraded coins will co-circulate until the existing coin is gradually withdrawn.

The Bank encourages the public to accept the coins and use the two coins.

Steve Hanke Says Ghana's Central Bank Is Obsolete; Calls For Currency Board

Meanwhile, YEN.com.gh has reported in a separate story that US-based economics professor Steve Hanke has said Ghana's central bank was applying outdated principles to hold the depreciation of the cedi.

As the Ghana cedi continues to tumble against the dollar, the US economics professor said the Bank of Ghana must be retired and replaced with a currency board.

A currency board takes away the management of the exchange rate and money supply from a nation's central bank and institutes an extreme form of a pegged exchange rate.

"Sky-high food & fuel costs have triggered violent protests. Ghana must mothball its central bank, put it in museum, and install a currency board, NOW," he tweeted in July 2022.

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Source: YEN.com.gh

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