Mahama Says Ghana Cedi Long Overdue for Refreshing, Hints at Major Change
- President John Mahama declared Ghana's cedi long overdue for a currency refresh during his Resetting Ghana Tour in the Upper East Region
- The President revealed he is aware of plans by the Bank of Ghana Governor to update the currency's security features
- Mahama stressed that a currency refresh would not change the value of the cedi or amount to a redenomination
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President John Mahama has declared Ghana's currency long overdue for an update, citing the need to periodically strengthen banknote security features to prevent counterfeiting.
Speaking during the Resetting Ghana Tour in the Upper East Region, Mahama said countries are expected to refresh their currencies roughly every 10 years to stay ahead of criminals who study existing notes and learn to reproduce them.
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"Every country, every ten years, you are supposed to refresh your currency because if you use the same currency for too long, people learn how to counterfeit it," Mahama said.
He added that security features on banknotes must be upgraded regularly to keep pace with evolving counterfeiting techniques, concluding that Ghana's current currency had gone past the point where such an update was necessary.
Mahama disclosed that the final decision to refresh or redesign the cedi rests with the Bank of Ghana rather than the presidency.
He said he is aware that the central bank's governor already has plans in motion and expects an official announcement when the time is right.
"I know the governor has plans to refresh the currency and I am sure that at the appropriate time, the Bank of Ghana will let Ghanaians know what they are doing about it," the President said.
What a Refresh Would Mean for Ghanaians
A currency refresh would focus on updating the security features printed on banknotes to make forgery more difficult.
It would not alter the monetary value of the cedi or constitute a redenomination, meaning the purchasing power of notes already in circulation would remain unchanged.
For ordinary consumers and businesses, the primary benefit would be greater confidence in the authenticity of cash and stronger protection against counterfeit notes entering circulation.
Mahama was careful to draw a clear distinction between the physical condition of the currency and its economic performance.
BoG warns Ghanaians against rejecting cedi coins
Meanwhile, YEN.com.gh reported that the Bank of Ghana had issued a warning to traders, transport operators and businesses that had been rejecting Ghana cedi coins as payment.
The central bank said all coins it had issued remained legal tender and that refusing to accept them was an offence under the Currency Act, 1964.
It added that business owners who instructed their employees to reject approved coins could also face penalties under the law.
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Source: YEN.com.gh
