Minority demands Bank of Ghana Governor appear before Parliament over new cedi notes

The Minority in Parliament has called on the Governor of the Bank of Ghana to appear before the House and explain the cost, design choices and technical considerations behind the newly introduced Heritage Series cedi notes.

Ofoase-Ayirebi MP and Ranking Member of Parliament's Economy and Development Committee, Kojo Oppong Nkrumah, made the demand during a Minority press conference on the 2027 Budget in Parliament on Friday, November 13.

He expressed concern that parliamentary committees responsible for overseeing the Bank of Ghana had not been adequately briefed on the currency redesign exercise.

"Parliament, unfortunately, the committees of Parliament that exercise oversight on the Bank of Ghana, like our Committee on Economy and Development, have no idea what they are doing when it comes to the new currency," he said.

Mr Oppong Nkrumah said the Minority wanted the central bank to provide a detailed explanation of the technical reasons for introducing the new notes and disclose the total expenditure involved.

"What are the technical reasons for which our currency is being changed? How much has this exercise cost us?" he asked.

The caucus is also demanding clarification over allegations that incorrect portraits were used on some of the denominations, particularly the GH¢50 note, which honours the designer of Ghana's national flag, Theodosia Salome Okoh.

Mr Oppong Nkrumah questioned how the Bank intended to address the alleged misrepresentation and whether additional public funds would be required to correct the affected notes.

"How do they respond to the misrepresentations of identities on the face of some of the notes that they have presented? What will it cost us to reprint those notes on which identities have been misrepresented?"

He further demanded that the Bank provide Parliament with the due diligence report on the designs, including details of the officials who approved them.

"Parliament will also be looking for a copy of the due diligence report on the designs and who signed that report," he said.

The Ranking Member insisted that the central bank must account to Parliament over the exercise, announcing that the Minority expected the Governor to appear before the House to address the concerns.

"We want to serve notice, and notice is hereby served. They will have to show up before Parliament and answer all of these questions," he stated.

He also disclosed that the Minority had received information suggesting that the Bank's board was planning to hold an emergency meeting on Friday evening to discuss the controversy.

The Bank of Ghana has previously defended the introduction of the Heritage Series, with Governor Dr Johnson Asiama explaining in September that the existing currency designs were more than 20 years old and required periodic modernisation to improve security features, durability and currency management costs.

On the financial implications, Dr Asiama assured the public that expenditure on the exercise would be reflected in the Bank's audited 2026 financial statements.

He reiterated the position during the October 27 monetary policy briefing, maintaining that the currency redesign had been provided for in the Bank's budget and that all related expenditure was properly documented.

The controversy has centred largely on the GH¢50 note, which features Theodosia Okoh, the designer of Ghana's national flag.

Her nephew, Prof Eddie Obeng, has alleged that the portrait used on the note is that of his mother, Dr Letitia Obeng, rather than Mrs Okoh.

However, the Bank's position, communicated through board member Beatrice Annan, is that the portrait was developed using three authentic photographs of Mrs Okoh.

The disagreement over the identity depicted on the note remains unresolved, with the central bank indicating that it is engaging members of the Okoh family on the matter.

President John Dramani Mahama officially launched the eight-denomination Heritage Series on Thursday, November 12, with the new notes scheduled to enter circulation on December 1 alongside the existing currency.

The launch has also attracted criticism over the representation of Ghana's independence history, particularly the exclusion of most members of the Big Six from the new series. Of the six historical figures, only Kwame Nkrumah features on the GH¢200 denomination.