Expert backs Bank of Ghana's plans to upgrade cedi notes

According to him, it as a necessary measure to help make it harder for people and organisations to fake the currency.

The Bank of Ghana (BoG) revealed recently that it will issue an upgraded and security-enhanced banknote into circulation on May 6, 2019.

The enhanced security features will be in line with evolving changes in the technological landscape.

The upgraded banknotes will also come with improved durability and machine readability.

Mr Asiedu-Mante has out of the reasons given by the BoG backed the move explaining it as a good initiative.

With counterfeiters always strategising to exploit flaws in currencies, Mr Asiedu-Mante, who retired in 2006, further explained in an interview that regular upgrades in the features help to maintain the integrity of the currency and reduce the tendencies of faking.

He concluded that BoG’s planned upgrade in the currency, although positive, could also mean that the central bank had noticed a surge in the faking of the cedi.

“Counterfeiters are always ahead and so when there is enough evidence to show that counterfeiting is on the increase, then more security features are introduced,” he said.