Ghana’s currency is long overdue for security refresh to curb counterfeiting — Mahama
President John Dramani Mahama says Ghana’s currency is “long overdue for refreshing”, arguing that banknotes must be periodically updated to strengthen their security features and stay ahead of counterfeiters.
Speaking during the Resetting Ghana Tour in the Upper East Region, President Mahama explained that currencies need to be refreshed from time to time because prolonged use of the same banknotes could make them increasingly vulnerable to counterfeiting.
“Every country, every ten years, you are supposed to refresh your currency because if you use the same currency for too long, people learn how to counterfeit it,” he said.
He added that security features on banknotes should be regularly upgraded to keep pace with increasingly sophisticated counterfeiting techniques.
“And so this particular currency is long overdue for refreshing,” the President said.
President Mahama disclosed that he was aware of plans by the Governor of the Bank of Ghana to refresh the currency, but stressed that the decision on when and how to undertake the exercise rests with the central bank.
“I know the governor has plans to refresh the currency and I am sure that at the appropriate time, the Bank of Ghana will let Ghanaians know what they are doing about it,” he said.
A currency refresh would primarily involve updating the security features of Ghana’s banknotes to make them more difficult to counterfeit. It would not automatically mean a change in the value of the cedi or amount to a redenomination.
For consumers and businesses, the immediate benefit would be enhanced protection against counterfeit notes and greater confidence in cash transactions.
President Mahama, however, stressed that the physical appearance or security features of the currency should not be mistaken for its economic strength.
He said the value and performance of the cedi ultimately depended on the management of the broader economy.
“What I would say is that the cedi today is stronger than it was in the past because of good economic management,” he said.
The President attributed the cedi’s recent performance against major international currencies partly to the government’s economic policies.
“Your currency is as strong as your economic management and because of the good policies we put in place, the cedi is holding its own against other major currencies,” he added.
According to the President, refreshing the currency could help Ghana respond to evolving counterfeiting techniques, but the exercise alone would not determine the strength of the cedi.
He said the currency’s broader performance would continue to depend on key economic fundamentals, including inflation, foreign exchange supply, fiscal management and monetary policy.
For now, the timing and scope of any currency refresh remain the responsibility of the Bank of Ghana.
President Mahama said the government would continue implementing policies aimed at supporting the strength of the cedi while leaving the central bank to determine when and how the currency should be refreshed.
“We will continue to make sure that the economy bolsters the strength of the cedi. But, like I said, at the appropriate time, the Governor will apprise us of any plans that he has for replacing the currency,” he said.