The Bank of Ghana (BoG) has clarified that the upcoming Heritage Series will not introduce any new banknote denomination above the existing GH¢200 note.

Director and Head of Currency Management at the BoG, Dominic Owusu, said the upgrade would apply only to the banknotes currently in circulation, from GH¢1 to GH¢200.

Speaking on Joy FM’s Super Morning Show, Mr Owusu said the central bank was not introducing a GH¢500 note or any other higher denomination as part of the Heritage Series.

He explained that the existing banknotes covered by the upgrade are GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100 and GH¢200.

“Bank of Ghana is not bringing any higher denominations today after our announcement,” he added.

Mr Owusu urged the public to rely on information officially released by the Bank of Ghana and cautioned against claims circulating on social media about the introduction of higher denominations.

“So let's guard against social media issues talking about higher denominations other than 200. And let's make sure that we limit our information to what Bank of Ghana puts out there,” he said.

He stressed that the Heritage Series was an upgrade of the existing banknotes and did not constitute an expansion of the range of denominations currently available.

He reiterated that the Bank of Ghana had no plans to introduce a denomination higher than GH¢200 under the new series.

“We are not doing any higher denominations,” he said.

The clarification comes as the Bank of Ghana prepares to introduce the Heritage Series as part of efforts to modernise the country’s banknotes and strengthen their security and durability.

According to the Bank of Ghana, the new banknotes are intended to preserve the cedi’s national identity while ensuring that the currency remains secure, trusted, durable and fit for the future.

The new series is expected to be officially launched on November 3, at the Bank Square in Accra, as part of efforts to modernise Ghana’s currency and respond to developments in banknote technology and security

The Bank of Ghana says the introduction of the Heritage Series is not simply about replacing or changing the country’s existing banknotes, but forms part of a broader responsibility to protect the integrity of the national currency.