President John Dramani Mahama has said Ghana’s currency is “long overdue for refreshing”, stressing the importance of regularly upgrading the security features on banknotes to stay ahead of counterfeiters.
Speaking during the Resetting Ghana Tour in the Upper East Region, President Mahama explained that countries need to periodically update their currencies because keeping the same designs for too long could make them easier for counterfeiters to reproduce.
“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 said.
He noted that as counterfeiting methods continue to advance, the security features used on banknotes must also be improved to provide stronger protection.
“And so this particular currency is long overdue for refreshing,” the President added.
President Mahama disclosed that he was aware of plans by the Governor of the Bank of Ghana to refresh the currency, but emphasised that the central bank has the mandate to decide when and how the cedi should be redesigned or replaced.
“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 stated.
A currency refresh would primarily involve introducing improved security features to make banknotes more difficult to counterfeit. It would not necessarily change the value of the cedi or amount to a redenomination.
President Mahama also stressed that refreshing the physical currency should not be mistaken for strengthening the cedi itself, noting that the value and performance of the currency are largely influenced by the management of the economy.
“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 attributed the cedi’s recent performance against major international currencies to the government’s economic policies.
“Your currency is as strong as your economic management and because of the good policies we put in place, the cedi is holding its own against other major currencies,” the President added.
He said the government would continue implementing policies aimed at supporting the strength of the cedi, while the Bank of Ghana would communicate any plans regarding changes to the currency.
“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.
For now, the timing and details of any currency refresh remain the responsibility of the Bank of Ghana.
By: Prince Martey-Sogar