President John Dramani Mahama has stressed the urgent need to redesign Ghana’s banknotes, explaining that nations ought to update their physical tender every decade to outsmart counterfeiters.
Addressing attendees at the “Resetting Ghana” forum in the Upper East Region, President highlighted the risks of leaving banknotes unchanged over extended periods, which gives fraudsters time to duplicate them.
“Every country, every 10 years you are supposed to refresh your currency because if you use the same currency for too long people learn how to counterfeit it,” he said.
Upgrading security features forces counterfeiters back to square one, safeguarding the cedi’s integrity. Describing the present notes as “long overdue for refreshing,” Mahama noted that he expects the Bank of Ghana Governor to take action soon.
“I know the governor has plans to refresh the currency and I’m sure that at the appropriate time the Bank of Ghana will let Ghanaians know what they are doing about it,” he added.
Touching on currency stability, Mahama credited disciplined fiscal policy for the cedi’s recent performance.
“What I must say is that the cedi today is stronger than it was in the past because of good economic management. Your currency is as strong as your economic management,” President Mahama stated.
He maintained that continued prudent policy implementation will remain crucial to sustaining the local currency’s value against foreign trading currencies. Official communication regarding any upcoming redesign is anticipated from the central bank in due course.
By: Rainbowradioonline.com/Ghana
