Here’s a detailed explanation of why the Bank of Ghana didn’t upgrade the GH¢2 and GH¢5 notes

A statement issued by the central bank on Tuesday, May 7, 2019, explained that the notes are "standalone commemorative banknotes".

Here’s a detailed explanation of why the Bank of Ghana didn’t upgrade the GH¢2 and GH¢5 notes

“In line with international best practice, commemorative banknotes are not subject to upgrades.”

The BoG on Monday, May 6 began the circulation of the newly upgraded cedi notes. This is in line with keeping its commitment to improving the standard of Ghana's currency.

The affected denominations are the one, five, 10, 20 and 50 cedi banknotes which have been given some specific public security features to match the evolving technological landscape.

The move by the central bank to upgrade the banknotes is aimed at improving the security, durability and machine readability of the notes, and also reduce the many cases of counterfeits in the system.

There was a slow start to the circulation exercise as many of the banks in Accra and some of the regional capitals did not receive the upgraded notes for circulation. Some customers also indicated that they were unaware of the decision to circulate the cedi notes.

The Head of Communications of the BoG, Mrs Esi Hammond, while responding to the slow circulation after the statement said that the central bank could only circulate the upgraded notes when the various universal banks demanded it.

“Once the banks do not need money to transact business now, they will not go for it so there is no need to rush,” she said.

She further said the enhanced notes were available at the BoG so they would be released to banks when they decided to go for it (money).

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