See what the Bank of Ghana said about the purported GH¢500 coin

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

Although samples of the purported coins have been shared on social media, the Director for Currency Management at the Bank of Ghana, Dominic Owusu, dismissed the reports as false.

He explained 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.

Owusu urged the public to ignore social media stories that suggest the Bank is introducing new currencies without an official statement.

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

That’s why we are here, so help us to circulate those information that those coins are still legal tender and must be used for transactions. The central bank has not demonetize the one pesewa coin,” he said.

“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 stressed.

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