Bank of Ghana dismisses Social media reports on the printing of GHC500 Coin

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Bank of Ghana dismisses Social media reports on the printing of GHC500 Coin
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Ferdinand | PoliticsGhana | April 2 | Bank of Ghana dismisses Social media reports on the printing of GHC500 Coin

 

The Bank of Ghana has dismissed social media reports that it plans to introduce a GH¢500 coin, stating that it has no immediate plans to issue higher denominations for circulation.

Dominic Owusu, Director for Currency Management at the Bank of Ghana, debunked the reports as false and urged the public to disregard social media stories that suggest the Bank is introducing new currencies without an official statement.

He clarified that the introduction of new currency or withdrawal of existing notes and coins is always thoroughly planned and accompanied by extensive public and media education.

“When there is a currency issuance or change, the Bank of Ghana will come with an appropriate press release to inform the public. We saw on social media that the central bank will issue a ¢500 note or coin but the bank has not done any such thing. So it’s not true,” Mr. Owusu told Joy News in an interview.

In response to reports that the one pesewas coin is no longer legal tender and out of circulation, Mr. Owusu emphasized that the coin is still valid for transactions and must be accepted by customers.

He urged the public to help circulate the information that the one pesewa coin is still legal tender and must be used for transactions.

“We want the education out there for people to learn how to handle the cedi not to worn out. That’s why you journalists are here, and I want you to help the central bank in that quest. The bank is also doing its part and will make sure all is done to save the cedi,” he stressed.

The Bank of Ghana remains committed to educating Ghanaians on how to handle the cedi to prevent it from becoming worn out.

It is important to note that the Bank of Ghana has not issued any official statement regarding the introduction of a GH¢500 coin, and any information contrary to this should be disregarded.

 

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About Post Author

Ellis Ferdinand

Ellis Ferdinand is the Founder of Education Ghana Media Network ,a parent Company of EducationGhana.net ,an Online Education News Blog and Education Television, an Online Digital Television Channel. Ellis Ferdinand is a Graduate of Accra College of Education and the University of Cape Coast respectively, where he obtained a Diploma In Basic Education and a Bachelor of Education in Accounting. Awards Ellis Ferdinand won Blogger of the Year at the 2018 National Students’ Awards and was also adjudged 14th Best Ghanain Blogger in 2018 among Top 50 Ghanaian Bloggers of 2018. He introduced the Concept of Education Blogging in Ghana in 2014 with his famous blog EducationGhana.net. His Blog won Best Media Promoting Education in 2017, 2018 and 2019 respectively, an Award organized by Neogenics Education Consult. In 2019, He was adjudged the Most Promising West African Blogger of the Year in Nigeria.
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