Ghana Minority Demands Bank of Ghana Appear Before Parliament Over New Cedi Banknotes

• The Minority in Parliament has summoned the Bank of Ghana to answer questions about the newly introduced cedi banknotes
• The caucus raised concerns about alleged misrepresentation of identities on some of the new Heritage Series notes unveiled in November
• Ranking Member Kojo Oppong Nkrumah said parliamentary oversight committees were kept in the dark throughout the entire currency change process

The Minority caucus in Parliament has formally called on the Bank of Ghana to appear before legislators and provide a full account of the new cedi banknote exercise, citing unanswered questions about design errors, costs and the adequacy of oversight.

The demand was made at a press conference in Parliament on the 2027 Budget, where Ofoase-Ayirebi MP and Ranking Member of Parliament's Economy and Development Committee, Kojo Oppong Nkrumah, led the charge on behalf of the Minority.

Oppong Nkrumah said the parliamentary committees charged with oversight of the central bank had been bypassed entirely during the currency change.

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"Parliament, unfortunately, the committees of Parliament that exercise oversight on the Bank of Ghana, like our Committee on Economy and Development, have no idea what they are doing when it comes to the new currency," he said.

He pressed the central bank on several outstanding matters, including the technical justification for the currency change, the full cost of the exercise, and what would be required to reprint notes on which identities had been wrongly depicted.

"What are the technical reasons for which our currency is being changed? How much has this exercise cost us? How do they respond to the misrepresentations of identities on the face of some of the notes that they have presented? What will it cost us to reprint those notes on which identities have been misrepresented?" Oppong Nkrumah asked.

Identity concerns on new Heritage Series notes

The Bank of Ghana unveiled the new cedi banknotes on 12 November as part of its Heritage Series. Among the concerns raised since then is the photograph used to represent Theodosia Salomey Okoh, the designer of Ghana's national flag. The Bank of Ghana has acknowledged the concern and indicated it will engage her family to address the matter.

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The Minority's demand goes further, however, calling for the central bank to submit its full due diligence report on the banknote designs, along with details of those who gave final approval.

Oppong Nkrumah made clear the caucus would not let the matter rest.

"We want to serve notice, and notice is hereby served. They will have to show up before Parliament and answer all of these questions," he said.

Source: YEN.com.gh