The Bank of Ghana has unveiled five new bank notes and six coins to be circulated from 1st July 2007.
Speaking at a public presentation in Accra on Thursday, the Governor of the Bank of Ghana, Dr Paul Acquah said the new currencies would allow the domestic currency to assume its role as the means of exchange and store of value for all.
He cautioned the public not to misconstrue the re-denomination as “just another currency exchange but rather an important means of promoting efficiency in the way business is done in Ghana.”
The introduction of the new currency has become necessary as a result of re-denomination of the Ghanaian currency the Cedi, which takes effect on July 1, 2007.
Dr Acquah said the new Ghana Cedi notes is a monetary measure to underpin the regime of stability the Cedi has been enjoying for sometime now.
He said the new notes have strong safeguards with regards to security and durability which could minimize counterfeits. Also, they are user friendly.
Dr Acquah said: “On the durability, enhancements have been introduced to extend the lifespan of the notes. Similarly, the coins were minted from metals and nickels, which are environmentally friendly.”
“In addition to these images, user requirements including fitting the wallet, ease of banknotes automation and features for the visually impaired were incorporated in the design,” he noted.
The new Ghana Cedi notes have been designed to pay tribute to the “Big Six” in the nation's history, who contributed immensely to the social, political and economic development of Ghana. Their pictures have been embossed on the front view of all the notes.
The Ghana Cedi notes come in One Ghana cedi (GH¢1), Five Ghana cedi (GH¢5), Ten Ghana cedi (GH¢10), Twenty Ghana Cedi (GH¢20) and Fifty Ghana cedi (GH¢50).
The Ghana Cedi coins range from one Ghana pesewas (1Gp), five Ghana pesewas (5Gp), ten Ghana pesewas (10Gp), twenty Ghana pesewas (20Gp), and fifty Ghana pesewas (50Gp).
The new notes have colourful pictures depicting the country's prominent monuments and key figures. For instance, the GH¢50 depicts the Christianborg Castle, the seat of government at the back and the GH¢20 shows the Supreme Court Building representing the rule of law also at the back.
The Headquarters of the BoG is embossed on the reverse of the GH¢10, acknowledging the Bank as the sole issuer of currency as well as the significant role of the financial system in the overall development of the economy, the GH¢5 has the University of Ghana at the back representing the role of education in the social, political and economic development of the country and the GH¢1 has the picture of the Akosombo Dam recognizing its key role in generating electricity over the years for industrial and domestic use.
The Ghana Coat of Arms dominates at the back of all the new series of coins while the front or the obverse of each coin has different image symbolizing some aspect of the Ghanaian heritage and tradition.
Representatives of the various banks operating in Ghana, financial institutions and the security agencies were at the unveiling ceremony.
View all the currencies in our photo galleries up shortly.