Cost of upgraded banknotes will be reflected in BoG's 2026 audited accounts - Governor Asiama

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has assured the public that the cost of upgrading the country’s cedi banknotes has been budgeted for and will be captured in the central bank’s 2026 audited financial statements.

Dr Asiama disclosed this during the 132nd Monetary Policy Committee (MPC) press conference in Accra on Thursday, September 24, 2026, in response to questions about the financial implications of rolling out the new banknotes.

“We have budgeted for it, we have everything documented, and it will be reflected in our 2026 audited accounts,” he said.

The upgraded banknotes, known as the Heritage Series, feature enhanced security measures, improved durability and modern designs intended to reflect Ghana’s heritage and national aspirations.

According to Dr Asiama, the new notes are designed to provide stronger protection against counterfeiting, withstand prolonged circulation and support more efficient and cost-effective currency management.

He said the Heritage Series also presents an opportunity to honour Ghana’s national heroes while celebrating the country’s culture, identity and history through contemporary currency designs.

“The Heritage Series also provides a unique opportunity to honour our national heroes and celebrate Ghana’s heritage, culture and identity through modern and progressive currency designs. Each denomination is inspired by Ghanaian iconographic elements, telling the story of our past while looking confidently towards the future,” he said.

Dr Asiama further clarified that the introduction of the Heritage Series does not mean the existing Ghana cedi banknotes will cease to be legal tender.

He said the upgraded notes will co-circulate with the existing banknotes, meaning members of the public can continue to use the notes currently in circulation.

“The public should therefore continue to use the existing banknotes alongside the upgraded notes,” he said.

The BoG Governor also urged the public not to rush to exchange or withdraw existing banknotes solely because of the introduction of the Heritage Series.

“There is no need for the public to rush to exchange or withdraw existing notes solely because of the introduction of the Heritage Series,” he said.

Dr Asiama stressed that maintaining the integrity and quality of Ghana’s currency is a shared responsibility involving the central bank, businesses, traders, financial institutions and the general public.

He appealed to Ghanaians to handle banknotes properly and avoid practices such as crumpling, writing on, stapling or using currency for decorative purposes, money bouquets, spraying and other forms of currency abuse.

According to him, proper handling of banknotes will help preserve their quality, reduce the frequency and cost of replacement, and contribute to more efficient currency management.

The BoG has therefore encouraged the public to continue using both the existing banknotes and the Heritage Series without unnecessary concern over the validity of the older notes.