In keeping with its commitment to improve the standard of Ghana’s currency, the Bank of Ghana (BoG) yesterday began the circulation of the newly upgraded cedi notes.
However, there was a slow start to the circulation exercise as many of the banks in Accra and some of the regional capitals did not receive the upgraded notes for circulation, while a number of customers also indicated that they were unaware of the decision to circulate the cedi notes.
The affected denominations are the one, five, 10, 20 and 50 cedi banknotes which have been given some specific public security features to match the evolving technological landscape.
When the Governor of the BoG was reached on why the two cedi note was not included in the exercise, he gave a terse reply, “ It’s not part of the family of notes.”
Read also: Bank of Ghana explains why GH¢2, GH¢5 aren’t upgraded
The move by the central bank to upgrade the banknotes is aimed at improving the security, durability and machine readability of the notes, and also reduce the many cases of counterfeits in the system.
Explaining the reason behind the slow start of the circulation, the Head of Communications of the BoG, Mrs Esi Hammond, told the Daily Graphic that it was a demand matter.
“Once the banks do not need money to transact business now, they will not go for it so there is no need to rush,” she said.
She added that the enhanced notes were available at the BoG so as and when the banks decided to go for money to transact business, they would be released to them.
Security features
The enhanced security features are Optically Variable Magnetic Image, also known as Spark live, which is a shiny colour-changing image of the cowrie shell on the GH¢10, a star on the GH¢20 and cocoa pod on the GH¢50.With this feature, a shiny line across the cowrie shell, star and cocoa pod moves up and down when the note is tilted. The colour of the feature also changes from gold to green when tilted.Another added feature is the New Enhanced Security Thread (RAPID) which is also a shiny broken line that runs through the banknote from top to bottom. It is continuous when viewed against light. When the note is tilted, a star expands and contracts while the denomination value stays still.Additionally, a more prominent watermark has been introduced. It is the […]
