Bank Of Ghana Reacts To New 500 Cedis Note In Circulation

The Bank of Ghana has vehemently rejected recent claims circulating on various social media platforms suggesting the introduction of new GH₵500 banknotes.

These claims gained traction after a video surfaced on TikTok, alleging that President Nana Akufo-Addo and Vice President Dr Mahamudu Bawumia publicly unveiled GH₵500 currency notes and coins during a televised event on Metro TV.

The video depicted the political leaders showcasing what appeared to be a GH₵500 note featuring the image of Ghana’s first President, Kwame Nkrumah, on one side, and the faces of subsequent presidents on the reverse. However, the Bank of Ghana has refuted these claims, emphasizing that the highest denomination currently in circulation remains the GH₵200 note.

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Esi Hammond, the Head of Communications at the Bank of Ghana, has categorically dismissed these allegations as false and urged the public to disregard such misinformation. She highlighted that fake news regarding currency denominations is not uncommon and reiterated that the Bank would officially communicate any plans for introducing new denominations.

The purported GH₵500 note featured a combination of past and present presidents, including John Mahama, John Atta Mills, John Kufuor, and Jerry Rawlings, who assumed presidential office after 1992. This discrepancy clearly indicates the inauthenticity of the alleged GH₵500 notes.

This is not the first time such false claims have surfaced. Similar allegations were made in March 2021, and they periodically resurface on social media platforms, prompting cautionary reports from reputable media outlets such as Myjoyonline and Graphic Online. Metro TV, the alleged platform for the unveiling event, has also issued a statement dissociating itself from the viral video, affirming that it has never aired such a story.

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Financial experts have advised the public to exercise vigilance when encountering news related to currency, especially amid Ghana’s current economic challenges. They emphasize the importance of verifying information from credible sources before believing or sharing it.

The Bank of Ghana emphasizes that it is the sole legal issuer of currency in the country, and any introduction of new denominations would be officially communicated through proper channels.