Ghana to spend US$30million on New GH¢50 Notes

Signals picked from the strong room of the Bank of Ghana indicates that it will cost the government a lump some of US$ 30 million (thirty million dollars) to print the new fifty Ghana cedi notes with the enhanced features aimed at stemming counterfeiting .

Though this can be regarded as a big money, experts believe it has been the norm. Every year, the Bank of Ghana prints new currency notes to replace the warn out ones.

According to officials of the bank, the cost of printing increases when the currency is printed in higher denominations. Every cocoa season, the bank of Ghana prints currency notes to purchase cocoa beans from farmers to the international market with the Cocoa Board serving as the intermediary.

Dela roué is the official currency printer for the bank of Ghana, making sure that features are well secured and enhanced to avoid counterfeiting. De La Rue is world’s largest integrated commercial banknote printer and a trusted partner of governments, central banks, issuing authorities and commercial organizations around the world.

In the past five years alone, the Group has been involved in the design or production of over 150 national currencies. De La Rue also produces a wide range of security documents including passports, driving licences, authentication labels and tax stamps. In addition, the Group manufactures sophisticated, high speed cash sorting and inspection equipment

According to officials of the central banks it cost the nation between thirty and thirty five million dollars to print new cedi denominations every year.

The Bank of Ghana this week announced at an editor forum that it is introducing an upgraded GH¢50 banknote, which has been enhanced with new security features to stem counterfeiting of the currency.

Mr Millison Narh, second Deputy Governor of the Bank, said due to technological advancement, there was the need to continuously improve the security features of banknotes to make them more resilient to potential counterfeits. He said like most currency notes the world over, the Ghana Cedi banknotes have been under pressure from counterfeiters both internal and external with the GH¢50 banknote being the most sophisticatedly counterfeited due to its high value.

“To ensure that banknote security is not unduly compromised and to maintain the integrity by avoiding a general loss of confidence in the denomination, the Bank has decided to introduce an upgraded GH¢50 banknote with a more secured public recognition feature called 'SPARK’, together with other features,” he said. The Spark, which replaces the hologram, is in the form of a green cocoa pod at the bottom right hand corner of the banknote. When the upgraded banknote is tilted, the cocoa pod changes colour progressively from green to blue and back to green. A beam of light rolls on the cocoa pod.

The upgraded GH¢50 denomination is expected to be introduced into circulation by early August 2012. The current one will be withdrawn gradually till it gets out of circulation.

Business Crusade with Adu Koranteng-Email Korantengadu@yahoo.com