BoG debunks planned issuance of GHS 500 coin
The Bank of Ghana (BoG) has denied recent reports suggesting that it plans to issue a GHS 500 coin in the near future.
The Director for Currency Management at the BoG, Dominic Owusu has confirmed that there are no immediate plans to introduce higher denominations into circulation. He added that the BoG would always undertake significant public and media education before any such changes were implemented.
This announcement follows reports on social media platforms that samples of the GHS 500 coin had been circulated, leading to speculation among the public about the BoG’s intentions. Mr. Owusu emphasized that such reports are false and cautioned the public to be cautious about believing stories on social media without official confirmation from the central bank.
The introduction of new currency or withdrawal of existing currency is a significant undertaking, and the BoG takes a thorough approach to planning and execution, according to Mr. Owusu. This is to ensure that the public is informed about the value and usage of new currencies, and to minimize confusion and disruption in the economy. As a result, any changes would be announced through an appropriate press release from the BoG.
Mr. Owusu also addressed reports about the status of the one pesewas coin, confirming that it remains legal tender and should be accepted by customers for transactions. He urged the public to help the BoG circulate accurate information about the coin and to use it for transactions, to prevent confusion and support the stability of the cedi.
The Bank of Ghana remains committed to educating Ghanaians on how to handle the cedi and prevent it from becoming worn out. Mr. Owusu stressed that the central bank is undertaking various sensitization programs to teach people about the best ways to handle the currency, and urged journalists to help spread accurate information about the currency to the public.
This announcement by the BoG provides clarity on the status of the currency and helps to ease concerns among the public about the potential introduction of a new denomination. As Ghana’s economy continues to grow and evolve, the BoG’s commitment to transparency and education will be vital in ensuring the stability and effectiveness of the country’s currency.
