President John Dramani Mahama has said Ghana’s currency, the Cedi, is “long overdue for refreshing”.
According to John Mahama, there is a need to periodically upgrade the Cedi security features to stay ahead of counterfeiters.
Mahama detailed that the currencies must be periodically updated to make it more difficult for criminals to reproduce them.
He, however, argued that the decision to redesign or replace the cedi rests with the Bank of Ghana.
Mahama further disclosed that he is aware of plans by the Governor of the Bank of Ghana to refresh the currency, adding that he expects the central bank to announce the details to the public.
President Mahama, speaking during the Resetting Ghana Tour in the Upper East Region, stated, “Every country, every ten years, you are supposed to refresh your currency because if you use the same currency for too long, people learn how to counterfeit it”.
Mahama argued that security features on banknotes must be updated from time to time to keep pace with counterfeiting techniques.
“And so this particular currency is long overdue for refreshing,” he said.
“I know the governor has plans to refresh the currency and I am sure that at the appropriate time, the Bank of Ghana will let Ghanaians know what they are doing about it,” he said.
However, it must be noted that updating the security features on Ghana’s banknotes would not change the value of the cedi or amount to a redenomination.
Mahama highlighted that the value and performance of the currency are ultimately linked to the management of the wider economy.
“What I would say is that the cedi today is stronger than it was in the past because of good economic management,” he said.
He pointed to the government’s economic policies as a key factor supporting the cedi’s recent performance against major international currencies.
“Your currency is as strong as your economic management, and because of the good policies we put in place, the cedi is holding its own against other major currencies,” the President added.
Meanwhile, some months ago, Mahama said his government did not arrest the dollar, but rather strengthened the cedi to put up a good fight against other currencies.
According to John Mahama, his government’s objective was not to artificially control foreign currencies but to strengthen the cedi to compete effectively on the international market.
He detailed that the Ghana cedi recorded significant gains against major international currencies, appreciating by 40.7 per cent against the US dollar, 30.9 per cent against the British pound, and 24 per cent against the euro.
Delivering the 2026 State of the Nation Address in Parliament on Friday, February 27, President Mahama stated, “We made currency stability a priority, and we have delivered. We did not arrest the dollar; we strengthened the cedi to put up a good fight against other currencies”.
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