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26 January 2017

BoG denies issuing new denominations

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The Central Bank has described reports making the rounds on social media about the Bank issuing new denominations of GH¢30, GH¢100 and GH¢200 as false and should be disregarded.

In a statement released and signed Thursday by Director of Communications at the Bank of Ghana, Bernard Otabil explained that the Bank is only printing commemorative editions of the GH¢5 denomination.

Reports available to JOYBUSINESS is that the new GH¢5 note with new security features and design would be in circulation from March this year.

The note is being introduced as part of the Central Bank’s 60th anniversary, which falls on March 4, this year.

The GH¢5 cedi denomination will be a legal tender as well as a collector’s item.

The note will have additional security features, that are sensitive to touch to aid the blind and visually challenged in identifying the new notes.

The climax of the celebration will take place in August this year, which would mark 60 years since the Bank opened its doors to the public.

Below is the statement from the Bank:

BANK OF GHANA NOT ISSUING NEW DENOMINATIONS

The attention of the Bank of Ghana has been drawn to stories circulating on social media to the effect that the Bank is issuing denominations of GH¢30, GH¢100, GH¢200, and wishes to categorically state that the stories are false and should be dis- regarded.

It will be recalled that the same stories were circulated on social media in 2015.

Moreover, the said address by the Second Deputy Governor to an investor community never mentioned any such issue and should, therefore, be disregarded.

All that was contained in the address was the following: “ . . . Finally, and on a lighter note, you will recall nearly a decade ago, when the Bank of Ghana celebrated its golden jubilee with currency exhibitions and road shows across the country.

Once again, on the 4th of March 2017, we shall be celebrating the 60th Anniversary of Central Banking in Ghana. As part of the celebrations, a new commemorative banknote in five-cedi (GH¢5) denominations will be unveiled.

This banknote will be legal tender as well as a collector’s item.

The note will have new durable security features which can be easily identified by the public as well as introduce other internationally acceptable security features which are sensitive to touch to aid the blind and visually challenged in identifying the banknotes.

The climax of this celebration will take place in August 2017, which will mark exactly 60 years when Bank of Ghana opened its doors to the public. The program for the celebrations will be announced in due course”.

The Bank wishes to take this opportunity to assure the public, that the denominations of the Ghana Cedi in circulation remain the following:

The Bank wishes to take this opportunity to assure the public, that the denominations of the Ghana Cedi in circulation remain the following:

Notes: GH¢50, GH¢20, GH¢10, GH¢5, GH¢2, GH¢1

Coins: GH¢1, 50Gp, 20Gp, 10Gp, 5Gp, 1Gp

 

Communications Department

Bernard Otabil, Director of Communications.

 

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