New GH¢50 Out...20m Pieces In Circulation

Dr. Henry K. Wampah displays a new note. Pix by Christopher Scotti 

Posted on: www.dailyguideghana.com

By William Yaw Owusu

Wednesday August 22, 2012.

The Bank of Ghana (BoG) yesterday officially launched the improved GH¢50 into circulation, but the Central Bank failed to disclose the cost of the entire exercise.

Although there are speculations that the government is spending US$30 million to print the new GH¢50 notes, the acting Governor Dr. Henry Kofi Wampah was unable to disclose the cost of the exercise.

H said: “I cannot tell you how much was involved…maybe later.”

The upgraded GH¢50 denomination, which would replace the notes currently in circulation, has been introduced to curb what the Central Bank termed as counterfeiting.

The number 50 at the bottom of the front on the new GH¢ 50 is now green instead of gold and it bears the signature of Paa Kwesi Amissah-Arthur, the previous Governor who became the Vice President.

At a short media encounter in Accra yesterday, Dr. Wampah said the new GH¢50 had secure features to avoid a general loss of confidence in the denomination, which is Ghana’s highest note.

He said it comes with a public recognition feature called spark in the form of a green cocoa pod at the bottom right hand corner of the banknote and that feature replaces the hologram on the older note.

“It has arrived and today we are undertaking the inaugural issue,” he said.

The acting Governor said the old notes would run concurrently with the new notes until September 30, 2012. Thereafter the old notes will cease to be legal tender and can only be exchanged in the banks.

He defended security features on the new notes, adding, “You do not have to strain your eyes to see it clear. It would be difficult for people to counterfeit the new notes.”

He said education on the new currency would continue for some time and urged that the notes be kept clean to maintain currency durability.

Catherin Ashley, Head of Currency Management Department at the BoG, said approximately 20 million pieces of the new note are currently in circulation across Ghana.

She also said about 11 million pieces of the old notes were in the system and they were working hard to phase them out.