The Bank of Ghana is set to upgrade cedi banknotes, the Governor of the BoG, Dr Johnson Pandit Asiama, has announced.
He said this policy will be rolled out under the Ghana Cedi Heritage Series, which will be launched on November 3rd.
Dr Asiama said this during the 132nd Monetary Policy Committee press conference in Accra on Thursday, September 24. He explained that this forms part of measures to maintain the integrity of the Cedi notes.
“The upgraded banknotes incorporate enhanced security features, improved durability, and modern designs that reflect Ghana’s heritage and Ghana’s aspirations,” he said.
He urged all traders and the general public to handle the banknotes with care. He made the point that ensuring and preserving the integrity of the banknotes is not the function of the Bank of Ghana alone, but of all stakeholders.
He said, “Preserving the integrity of the banknotes is not the function of the Bank of Ghana alone; It is a shared responsibility.
“All Ghanaian businesses, traders, and financial institutions handle the banknotes with the care they deserve. Stop crumpling, writing or stapling them; don’t use them for money bouquets, showering and spraying at events.”
“We have budgeted for it, we have everything documented, and it will be reflected in our 2026 audited accounts,” he said when asked how much this policy rollout will cost.
Regarding the policy rate, the Monetary Policy Committee (MPC) kept the rate at 14%.
He stated that headline inflation, at 5 per cent in August, is well below the lower bound of the 8±2 per cent band despite domestic cost pressures in housing, transport and services, with exchange rate stability containing imported inflation and expectations easing across all surveyed groups.
He said the average banking lending rate declined by 15.9 per cent. Private sector credit growth rebounded.
The banking sector, he said, remained solvent, profitable and liquid.
Regarding the Non-Performing Loan Ratio, he said that it declined to 15.7 per cent.
On the global scene, Dr Asiama said that global tensions have constricted global supply chains.
On the domestic front, he said, the committee observed continued economic resilience activities.
The committee, by unanimous decision, maintained 14%.
