The Bank of Ghana, BoG, has advised Ghanaians not to rush in exchanging the existing Cedi notes for the upgraded banknotes that will be introduced on May 6, 2019.
Speaking to Citi FM on April 8 after the Bank of Ghana has served notice that it will introduce new banknotes with enhanced security features, Head of Communications at BoG, Esi Hammond said there is no need for Ghanaians to rush in exchanging the existing Cedi notes for the new ones because the two will be used simultaneously.
"They don't need to go and exchange existing ones for the new ones, they will all be going side by side none of it will be rejected."
Explaining further why the BoG is introducing the new Cedi notes, Esi Hammond added that it is a normal practice to fight counterfeits.
"In line with this practise and what is done elsewhere, you find out that about 7years there about countries will change their banknote, for example, if all their technological systems are changing then it means that the way they print notes are even different and we cannot stay back and we need to be able to get ahead and also in line with what is happening, it might end up being expensive for us if it stays the way it is, as for counterfeit, in every country it happens one way or the other, the extent may differ from country to country but that is not just that they are systems developed like ATMs and we have to note that banknotes going through ATMs can be detected if there are not good notes, for example, we want the serial numbers to be read well so we need to have the notes that are consistent with these changes."
Bank of Ghana to introduce upgraded banknotes on May 6
The Bank of Ghana has served notice it will issue upgraded banknotes into circulation on May 6, 2019.
According to a press statement by the BoG, The upgraded banknotes will have enhanced security features in line with evolving changes in the technological landscape. The upgraded banknotes also come with improved durability and machine readability.