The likelihood of Ghanaians rushing to banks to exchange their old cedi notes for the newly introduced ones, along with other concerns expressed by citizens following a currency redesign, has prompted Bank of Ghana Governor Dr Johnson Asiama to reassure the public.

He sought to allay these concerns, particularly fears that existing banknotes could soon become invalid.

Speaking at the launch of the Heritage Series banknotes on Thursday, November 12, Dr Asiama said the new notes would enter circulation on December 1, 2026, and be used alongside the existing banknotes for a period.

He stressed that the introduction of the new notes would not render the old ones invalid, assuring the public that both currencies would remain in circulation.

“The Heritage Series will be introduced into circulation from December 1, 2026, and will circulate alongside the existing series, and the existing series will remain legal tender. They will circulate alongside the Heritage Series for a while,” he said, adding that there was no need for the public to rush to exchange or withdraw existing notes solely because of the introduction of the Heritage Series.

He explained that the continued circulation of the old notes was to ensure a smooth transition from the old to the new and prevent disruptions to economic activities.

“This approach will allow the public and businesses to adjust smoothly to the Heritage banknotes without unnecessary disruption to economic activity,” he explained.

Dr Asiama said the Bank of Ghana was committed to managing the transition in a way that maintains public confidence in the cedi and ensures continuity in the country's payment systems.

“The Bank of Ghana remains committed to a well-managed transition that supports continuity in payments and reinforces confidence in the cedi,” he said.

The need for new notes

Dr Asiama explained that the decision to introduce the upgraded banknotes was partly informed by the need to preserve the significance of the cedi as a symbol of Ghana's economic independence while ensuring it remains relevant to the country's evolving financial system.

“The Ghana Cedi is more than a medium of exchange. It is a symbol of our economic sovereignty and an important instrument of economic activity.

“As we modernise our financial systems and respond to the changing demands of a dynamic economy, we must also ensure that our currency remains secure, durable, resilient, and fit for the future.”

He further highlighted the need to strengthen the security and durability of the banknotes, noting that the upgraded designs incorporate features intended to protect them against counterfeiting and make them more resistant to wear and tear.

“The upgraded banknotes incorporate enhanced security features, improved durability and modern designs that reflect Ghana’s heritage and aspirations.

“They are designed to provide stronger protection against counterfeiting, withstand the demands of prolonged circulation, and support more efficient and cost-effective currency management.”

The Governor also appealed to citizens to protect the notes as a way of upholding the integrity of the cedi and not leaving it as the sole responsibility of BoG.

“The integrity of our currency is not the responsibility of the Bank of Ghana alone. It is a shared national responsibility,” he added.