President John Dramani Mahama has disclosed that the Bank of Ghana (BoG) is considering plans to refresh Ghana’s currency, mainly to strengthen banknote security against counterfeiting.

Speaking during the Resetting Ghana Tour in the Upper East Region, President Mahama said Ghana’s banknotes have been in circulation for a long period and need to be updated to keep up with changing counterfeiting methods.

He said the decision to introduce new notes or redesign existing ones is the responsibility of the Bank of Ghana, but indicated that the central bank is already considering the move.

“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,” he said.

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According to President Mahama, regularly updating banknotes is important because counterfeiters become familiar with existing security features over time.

“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,” he stated.

Mahama clarified that a currency refresh should not be mistaken for a redenomination or a change in the value of the cedi.

Instead, the exercise would focus on enhancing security features to help businesses and the public guard against fake notes.

He also linked the strength of the cedi to sound economic management rather than its physical design.

“What I would say is that the cedi today is stronger than it was in the past because of good economic management,” he said.

He added that government would continue to pursue policies aimed at supporting the cedi, while leaving the Bank of Ghana to determine when and how the currency refresh will be carried out.

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“We will continue to make sure that the economy bolsters the strength of the cedi. But, like I said, at the appropriate time, the Governor will apprise us of any plans that he has for replacing the currency,” he said.

The Bank of Ghana is expected to provide further details once it is ready to make an official announcement.

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DR/SA