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Bank of Ghana reacts to alleged ¢500 coin

The Bank of Ghana (BoG) has responded to rumors that it may issue a GHS500 coin by stating unequivocally that it does not currently have any immediate intentions to issue a higher denomination coin for circulation.

There have been rumors circulating that the bank is working on the introduction of the coins, of which samples have been shared across various social media sites.

Dominic Owusu, the Director for Currency Management at the Bank of Ghana, stated that the reports were not accurate when speaking to Joy Business.

He made the point that any time the Bank of Ghana plans to put new banknotes or coins into circulation, they will first engage in an intensive education campaign targeting the public as well as the media.

In the event that there is a change in currency or the issuance of new money, the Bank of Ghana will issue an appropriate press statement to alert the public. We observed on social media that the central bank will issue a note or coin for 500 yen, but the bank has not done anything to indicate that it will do so. Hence, he asserted, it cannot be true.

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Mr. Owusu noted that the launch of a new currency or the discontinuation of an existing one is a significant operation that is always meticulously planned by the Bank of Ghana.

According to him, this makes it possible for the general public to comprehend the value and application of such currencies.

He asked the general public to reject rumors that have been circulating on social media suggesting that the Bank of Ghana is about to introduce new currencies before the bank has issued an official statement on the matter.

Mr. Owusu insisted that the one pesewas coin should be used for transactions and that customers must accept the coin. He was responding to claims that the coin is no longer considered a valid form of payment and that it has been taken out of circulation.

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“That is why we are here, so help us to distribute the information that those coins are still legal money and must be utilized for transactions,” we said. “That is why we are here.” He continued to insist that the one pesewa coin had not been demonetized by the state bank.

However, the Bank of Ghana has stated that it will not back down from its commitment to launch a variety of awareness campaigns in order to educate Ghanaians on the proper handling of the country’s currency.

“We want instruction to be available so that people may understand how to use the cedi so that it does not become worn out.”

Because of this, you journalists are gathered here, and I’d like for you to assist the central bank in achieving its goals. The bank is also doing what it can to help save the cedi, and it will make sure that everything possible is done to do so,” he added.

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