Prez Mahama Flags Cedi Security Refresh

President John Dramani Mahama has described Ghana’s currency as “long overdue for refreshing”, saying the country must periodically update the security features on its banknotes to make counterfeiting very difficult. The President said the Bank of Ghana (BoG) has plans to refresh the cedi but stressed that the timing and details of any such exercise remain the responsibility of the central bank. He made the remarks during his Resetting Ghana Tour in the Upper East Region, where he explained that currencies require periodic security upgrades as counterfeiters become more familiar with existing designs and security measures. “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,” President Mahama said.

He added that updating the security features of banknotes was necessary to keep pace with increasingly sophisticated counterfeiting techniques. “And so this particular currency is long overdue for refreshing,” he maintained. President Mahama disclosed that he was aware of plans by the Governor of the Bank of Ghana, Johnson Pandit Asiama to undertake a currency refresh, although he did not provide a specific timeline or details about the proposed changes. He said the central bank would communicate its plans to the public when it considered the time appropriate. “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 generally involve changes to banknotes, particularly their security features, design elements and other measures intended to make them more difficult to reproduce illegally. Such an exercise would not, in itself, amount to a redenomination of the cedi or alter the value of money held by individuals and businesses. For the public, one of the principal benefits would be enhanced protection against counterfeit notes and greater confidence in cash transactions. The President, however, distinguished the physical security of the currency from its economic value, stressing that a redesigned or more secure banknote does not automatically mean a stronger currency.

He attributed the cedi’s recent performance to what he described as improved economic management and government policies. “What I would say is that the cedi today is stronger than it was in the past because of good economic management,” he said. According to him, the performance of the cedi against major international currencies is closely linked to the broader management of the economy. “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. The value and stability of the cedi are influenced by broader economic conditions, including inflation, foreign exchange availability, fiscal management, investor confidence and monetary policy.

Consequently, while a currency refresh could strengthen the integrity and security of physical cash, it would not by itself address the underlying economic factors that determine the cedi’s purchasing power and exchange-rate performance. The President said government would continue implementing measures aimed at supporting the economy and maintaining confidence in the cedi, while leaving the operational decision on the currency refresh to the Bank of Ghana. “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.

The comments have therefore raised expectations of a possible update to Ghana’s banknotes, although no official timeline, denominations to be affected or specific design changes have been announced. Until the Bank of Ghana formally communicates its plans, the existing cedi notes remain the country’s legal tender, with any future changes expected to be announced by the central bank and implemented according to its established currency-management procedures.

By Joyce Owusu