Old Cedi notes to remain in circulation as new notes take over gradually – Mahama

The introduction of Ghana’s new Heritage Series banknotes will be accompanied by a gradual transition, with existing Cedi notes remaining in use until the Bank of Ghana completes the replacement process.

President John Dramani Mahama disclosed this at the official unveiling of the new currency in Accra on November 12, explaining that the central bank would allow the old and new banknotes to circulate simultaneously.

He said the changeover would be managed over time rather than through an immediate withdrawal of the existing notes.

“As the Governor said, the new notes will run side by side with the old heritage notes. We are not displacing the old heritage notes,” the President stated.

He added that banks would gradually withdraw the old notes as the new series becomes established in circulation.

“The banks will withdraw the old notes gradually until the new notes take over completely,” he said.

President Mahama also highlighted improvements in the materials and design of the new banknotes, saying they were intended to make the currency more durable and easier to handle.

“As the Governor said, the new series we introduce today is made of reinforced cotton paper, and is designed to last longer than the old heritage symbols we are replacing. The new notes are also smaller and easier to handle,” he said.

The new currency features upgraded specifications aimed at improving the quality and security of Ghana’s banknotes, with the reinforced cotton paper expected to extend their lifespan.

The banknotes were officially launched at the Bank Square under the theme, “The Cedi, Our Future: Secure, Designed to Last.”

The Bank of Ghana has described the upgrade as necessary to keep the country’s currency aligned with modern security requirements and improve the efficiency of currency management.

The continued circulation of the existing notes alongside the new series is expected to facilitate the changeover as the central bank gradually introduces the upgraded currency.