BoG debunks report about the introduction of ¢500 coin

The Bank of Ghana (BoG) has denied reports about the issuing of ¢500 coin.

The BOG said it has no plans of issuing higher denomination for circulation contrary to the samples of which had circulated on social media platforms.

The Director for Currency Management at the BoG, Dominic Owusu said the reports are false.

“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,” he said.

He urged the public to disregard social media stories that suggest that the Bank of Ghana is introducing new currencies without official statement from the bank.

Touching on reports that the one pesewas coin is no longer a legal tender and it’s out of circulation, Mr. Owusu maintained that the coin should be used for transactions and must be accepted by customers.

The Bank of Ghana however said it remains committed to embarking on various sensitisation programmes to educate Ghanaians on how the currency can be handled.

“We want the education out there for people to learn how to handle the cedi not to worn out. That’s why you journalist 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 added.

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