The newly upgraded Ghana Cedi will be put into circulation for business across the country today.
Embedded with new security features, the new banknotes, according to the Bank of Ghana (BoG) were meant to curtail counterfeiting and also introduce modern features in the currency.
The banknotes which have seen an upgrade are the One, Five, Ten, Two and Fifty Cedis notes.
Among the visible security features on the new currencies are a watermark, which has the image of Tetteh Quarshie with a cocoa pod in the plain start area of the banknote, security threat – which is a shiny broken line that runs through the banknote from top to bottom, colour changing spark live – which can be seen as a cowrie shell on the GHȻ10, a start on the GHȻ20 and a cocoa pod on the GHȻ50.
There is also “a see through feature which is the denomination value partially seen on both sides of the banknote in a white circle in the plain start area and a gold stripe, which is a golden stripe with gold bars at the bank of the banknote that runs from top to bottom”.
Information provided by the Currency Department of the BoG said the banknotes were being upgraded to incorporate modern and improved features to make them more secure and durable as well as improve machine readability of the currency.
The department said the existing notes would remain a legal tender and shall be accepted for all business transactions even when the enhanced banknotes were put in circulation.
It said the upgraded notes would be of the same sizes and colours as the corresponding denominations of the existing ones.
When the Ghanaian Times asked whether the existing notes should be exchanged for the upgraded banknotes, the department responded in the negative, saying, “There will be no need for exchange.”
The department explained that the commemorative banknotes – GHȻ2 and GHȻ5 with the portrait of Dr Kwegyir Aggrey were not part of the upgrade.
A shoe seller at the Kwame Nkrumah Circle, Yaw Asamoah when asked for his view on the decision of the BoG to upgrade the Cedi, said he was not aware the BoG was upgrading the Cedi notes.
“My concern is about the measures government and BoG will put in place to ensure the stability of the Cedi so that prices will be able and people can buy to make my business thrive,” he said.
A food vendor at Gakorpe, Ms Mercy Mawunyo for her part said she had heard the upgraded currency would come into circulation today and was eager and yearning to see the security enhance currency.
She said the new notes would address the current problem facing food vendors when customers purchased food with torn and tattered money.
By Kingsley Asare