President John Dramani Mahama says Ghana’s currency is “long overdue for refreshing”, as he calls for stronger security features on banknotes to stay ahead of counterfeiters.
Speaking during the Resetting Ghana Tour in the Upper East Region, President Mahama said currencies must be periodically updated because prolonged use of the same notes makes them increasingly vulnerable to counterfeiting.
“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.
The President disclosed that the Governor of the Bank of Ghana has plans to refresh the cedi, stressing that the timing and details of the exercise remain the responsibility of the central bank.
He explained that a currency refresh would primarily involve upgrading security features on banknotes and should not be mistaken for a redenomination or a change in the value of the cedi.
President Mahama also linked the recent performance of the cedi to what he described as improved economic management, insisting that the strength of the currency ultimately depends on the health of the wider economy.
“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,” he said.
The proposed refresh, therefore, could make Ghana’s banknotes harder to counterfeit, but the broader strength of the cedi will continue to depend on factors such as inflation, foreign exchange supply, fiscal discipline and monetary policy.
For now, Ghanaians await the Bank of Ghana’s announcement on when and how the cedi will be refreshed.
