New Cedi Notes: Minority demands BoG answers on cost, design controversies

The Minority in Parliament has questioned the technical justification and financial implications of the Bank of Ghana’s (BoG) decision to introduce new cedi banknotes, demanding answers over the cost of the exercise and possible expenditure on reprinting notes with allegedly misrepresented identities.

The caucus has called on the central bank to appear before Parliament and explain the rationale behind the currency change, the amount spent on the exercise and the due diligence undertaken in approving the designs.

Speaking at a press conference in Parliament on the 2027 Budget on November 12, 2026, Ranking Member of Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, questioned why the currency was being changed and whether the exercise had been subjected to adequate parliamentary scrutiny.

“What are the technical reasons for which our currency is being changed? How much has this exercise cost us? How do they respond to the misrepresentations of identities on the face of some of the notes that they have presented? What will it cost us to reprint those notes on which identities have been misrepresented?” he asked.

He said the parliamentary committees responsible for overseeing the Bank of Ghana had not been adequately involved in the process and were yet to receive sufficient information about the new banknotes.

“Parliament, unfortunately, the committees of Parliament that exercise oversight on the Bank of Ghana, like our Committee on Economy and Development, have no idea what they are doing when it comes to the new currency,” he said.

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Oppong Nkrumah said the Minority would also demand a copy of the due diligence report on the banknote designs, including details of the individuals who reviewed and approved them.

He insisted that the central bank must account to Parliament for the decisions and provide clarity on the potential financial burden of correcting any errors through reprinting.

“We want to serve notice, and notice is hereby served. They will have to show up before Parliament and answer all of these questions,” he said.

His concerns follow the unveiling of the new cedi banknotes under the Bank of Ghana’s Heritage Series on November 12, 2026, which has triggered questions about the identities of some personalities featured on the designs.

One of the concerns relates to the photograph used to represent Theodosia Salomey Okoh, the designer of Ghana’s national flag.

The central bank has indicated that it will engage her family over the concerns and work towards addressing the issue.

MRA/BAI

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