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BusinessLies, ignore them - BoG on purported new 500 Cedis note in...


Lies, ignore them – BoG on purported new 500 Cedis note in circulation

Bank of Ghana (BoG) has strongly denied recent claims circulating on various social media platforms regarding the introduction of new GH₵500 banknotes.

These claims gained momentum following a video circulating on TikTok suggesting 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.

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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, emphasising 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 firmly dismissed these allegations as false and urged the public to ignore such misinformation.

She pointed out that fake news regarding currency denominations is not uncommon and reiterated that the bank would officially communicate any plans for introducing new denominations.

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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 inconsistency clearly indicates the inauthenticity of the alleged GH₵500 notes.

Financial experts have urged the public to remain vigilant when encountering news about currency, particularly given Ghana’s current economic difficulties. They stress the importance of verifying information from reliable sources before accepting or spreading it.

The Bank of Ghana reiterates that it is the only authorised issuer of currency in the nation, and any plans to introduce new denominations would be formally announced through official channels.

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