Ghana keeps two series of banknotes in circulation
By the AFREEQUE newsroom, based on MyJoyOnline
Ghanaian President John Dramani Mahama confirmed that old cedi banknotes will remain valid alongside the new Heritage Series until banks gradually withdraw the old notes. The coexistence of the two series is intended to support the monetary transition, Mahama said in Accra on Thursday.
Ghanaian President John Dramani Mahama announced on Thursday 12 November that old cedi banknotes will remain legal tender alongside the new Heritage Series until commercial banks gradually withdraw them. The transition to the redesigned banknotes will therefore take place in stages, he said at the launch of the Heritage Series in Accra, according to MyJoyOnline.
John Dramani Mahama also said that strengthening the economic foundations of the cedi was his government’s next priority. He linked this objective to the New Economy Programme, the Ghanaian government’s economic programme that is to play a central role in the national 2027 budget, presented to Parliament by the Finance Minister later on Thursday, according to MyJoyOnline.
The Ghanaian president also presented the cedi as a symbol of Ghana’s economic sovereignty and praised the resilience of households and businesses that had weathered periods of economic uncertainty. The new series of banknotes is to be introduced gradually until the old ones are fully withdrawn, according to MyJoyOnline.
The launch of the new series comes as Ghana is due to present its 2027 national budget to Parliament on 12 November. The Ghana’s 2027 budget is notably expected to set out the economic directions to which Mahama links the strengthening of the cedi.
