The Bank of Ghana, BoG has stated that, it is yet to determine the estimated cost of the upgraded Cedi notes that will be introduced on May 6.
Head of Communications at the Bank of Ghana, Esi Hammond in an interview with Accra based Joy FM said the cost of the exercise is yet to be determined.
“…I wouldn’t know that what I’m concerned about at the moment is to bring to you the fact that we are going to bring to you something more durable that meets best practices at the moment. I don’t know how much it’s going to cost but in line with what we do we have to make sure we are giving you good notes in line with our good or clean note policy.”
The Central Bank has on April 8 announced that it will on May 6 introduced an upgraded Cedi notes; GHC10, GHC20 and GHC50 into circulation.
According to a press statement by the BoG, The upgraded Cedi notes will have enhanced security features in line with evolving changes in the technological landscape. The upgraded banknotes also come with improved durability and machine readability.
The enhanced security features include:
1. Optically Variable Magnetic Image (SPARK LIVE): It is a shiny colour-changing image of the cowrie shell on the GHC10, star on the GHC20 and cocoa pod on the GHC50. When the note is tilted, a shiny line across the cowrie shell, star, and cocoa pod moves up and down. The colour of the feature also changes from gold to green when tilted.
2. New Enhanced Security Thread (RAPID): It is a shiny broken line with movement that runs through the banknote from top to bottom. It is continuous when viewed against light. When the note is tilted, a star expands and contracts while the denomination value stays still.
3. More Prominent Watermark: It is the image of Tetteh Quarshie with a cocoa pod which has been made more noticeable in the plain star area of the banknote. It becomes visible on both sides when viewed against light. The denomination value can also be seen in the watermark area.
4. Enhanced Iridescent Band at the Back of the Banknote: It is a golden band with gold bars at the back of the banknote that runs from the top to the bottom. It can be seen more clearly when the note is tilted against light.