Old GH¢5 note has not been replaced - BoG

The Bank of Ghana (BoG) has categorically stated that the new circulating GH¢5 note is just a ‘one off print’commemorative note but not a replacement of the existing note.

Speaking at a mini workshop for media practitioners and bankers in Sunyani, Catherine Ashiley, Advisor to the Governor of BoG said the new GH¢5 note is a commemorative bank note for the Central Bank’s 60th anniversary saying “it has been minted purposely to mark the anniversary and the bank will not print it again.”

She dispelled reports, especially on social media suggesting that the new note is the ‘mark of the beast.’ She said this is not the first time the BoG has printed a commemorative cedi note. “In 2010, the Bank marked the 100th birthday of President Kwame Nkrumah with the printing of a special GH¢2 note and ten years ago, we also marked the 50th anniversary of the Central Bank with the minting of silver and gold coins.”

Madam Ashiley pointed out that the GH¢5 is the most circulated note, hence the BoG choosing it as the commemorative note in order for the large major of the population including school children to have one for use or keep. “A lot of people wouldn’t have got access to the commemorative note if the bank had selected GH¢20 or GH¢50.”

She hinted that the Bank of Ghana will soon release more of the commemorative note into the system. She noted that what is currently in circulation is very few and the public should expect more of the new GH¢5 note in circulation.

Mr. Dominic Owusu of the Currency Management Department-BoG took time to educate the participants about the security features and the dynamics of the new currency note. His presentation covered the security thread, watermark, tactile marks, intaglio portrait, optically variable ink, intaglio vignette, Quick Response (QR) code and the iridescent band.