Business News Mon, 6 May 2019

Circulation of new cedi notes starts today

The upgraded and security-enhanced banknotes of the Bank of Ghana would be made available to the public for use as a medium of exchange from today, May 6.

The central bank had said in a statement issued in April that the upgraded banknotes will have enhanced security features in line with evolving changes in technological landscape.

The new 10, 20 and 50 cedi notes have “improved durability and machine readability”.

According to the Bank of Ghana, both the new notes and existing series of banknotes will co-circulate.

What’s new?

It said the three denominations will have optically variable magnetic image (spark live), enhanced security thread (Rapid), more prominent watermark, and enhanced iridescent band at the back of the notes.

Optically Variable Magnetic Image (SPARK LIVE): It is a shiny colour-changing image of the cowrie shell on the GH?10, star on the GH?20 and cocoa pod on the GH?50. When the note is tilted, a shiny line across the cowrie shell, star, and cocoa pod moves up and down. The colour of the feature also changes from gold to green when tilted.

New Enhanced Security Thread (RAPID): It is a shiny broken line with movement that runs through the banknote from top to bottom. It is continuous when viewed against light. When the note is tilted, a star expands and contracts while the denomination value stays still.

More Prominent Watermark: It is the image of Tetteh Quarshie with a cocoa pod which has been made more noticeable in the plain star area of the banknote. It becomes visible on both sides when viewed against light. The denomination value can also be seen in the watermark area.

Enhanced Iridescent Band at the Back of the Banknote: It is a golden band with gold bars at the back of the banknote that runs from top to bottom. It can be seen more clearly when the note is tilted against light.

Source: 3news.com
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