By Elham Salifu
The Bank of Ghana (BoG) has pledged complete fiscal transparency regarding the financial outlay for its upcoming currency overhaul, assuring the public that every cedi spent on introducing the upgraded “Heritage Series” banknotes will be fully audited and publicly accounted for.
Amid questions regarding the financial resources dedicated to central bank operations and national currency exercises, BoG officials affirmed their commitment to total disclosure and open accounting.
“Everything is documented and fully audited, and the expenditure will be reflected in our 2026 financial accounts,” BoG leadership confirmed during a press engagement at the Bank Square in Accra. “So, you will have a record of every expenditure made on the exercise in our financial accounts.”
Institutional Transparency and Student Engagement
This focus on openness extends beyond financial accounting to institutional operations. The BoG highlighted its transparency efforts through its Monetary Policy Committee (MPC) mentorship programme, which opens central bank proceedings to observers, trade bodies, and university students.
“The second objective is to promote transparency in what we do,” the central bank explained, noting that previous sessions included observers from the Association of Ghana Industries (AGI), trade unions, and the Ghana Union of Traders’ Associations (GUTA).
Speaking on the student mentorship initiative, BoG Governor Dr. Johnson Pandit Asiama emphasized the role of open governance in shaping future leaders, drawing on the leadership team’s own academic background studying economics at the University of Liverpool.
“It was encouraging to see the kinds of questions some of the students asked when they were given the opportunity,” Dr. Asiama noted. “These are the future leaders. In the next 10 to 15 years, I may not be here. But one of them could be sitting in my chair, and I would be proud to say that we contributed to developing the next generation.”
Upgraded Heritage Series Set for November Launch
The audited expenditure covers the rollout of the upgraded Heritage Series banknote family, scheduled to enter circulation on November 3, 2026. The new notes incorporate modern security technologies, enhanced physical durability, and updated aesthetic designs after more than two decades without a major redesign.
“The upgraded banknotes incorporate enhanced security features, improved durability, and modern designs that reflect Ghana’s heritage and Ghana’s aspirations,” Dr. Asiama stated, explaining that technological advancements made the security upgrades essential to protect against counterfeiting.
Protecting the Currency Investment
To ensure the nation receives maximum value for the expenditure incurred in printing the upgraded series, the central bank urged citizens and financial institutions to handle physical cash with care under the campaign theme “The Cedi: Our Future, Secure, Designed to Last.”
The BoG cautioned against practices that shorten the lifespan of banknotes—such as stapling, writing, crumpling, or spraying money at social events.
“Proper handling will help preserve the quality of our banknotes. It will reduce replacement costs for the central bank and it will support efficient currency management,” Dr. Asiama stated.
The central bank reiterated that existing banknotes remain valid legal tender and will circulate alongside the new Heritage Series, advising the public that there is no need for panic withdrawals or hurried currency exchanges prior to or following the official November 3 launch.
