Minority Drags Bank Of Ghana To Parliament Over New Cedi Notes; Demands Full Disclosure On Printing Cost And GH¢50 Design Error
The Minority Caucus in Parliament has demanded that the Bank of Ghana (BoG) appear before Parliament to explain the circumstances surrounding the printing and unveiling of the newly introduced Ghana cedi banknotes.
The Caucus is questioning the processes leading to the introduction of the new currency, arguing that the exercise was undertaken without adequate parliamentary oversight, particularly by committees mandated to scrutinise the activities of the central bank.
The Minority is also demanding full disclosure of the amount of public funds spent on printing the new banknotes, as well as the technical and financial considerations that informed the decision to introduce the new currency.
*Parliament Was Kept In The Dark – Oppong Nkrumah*
Speaking at a press briefing in Parliament, the Member of Parliament for Ofoase-Ayirebi and Ranking Member of Parliament’s Economy and Development Committee, Hon. Kojo Oppong Nkrumah, said Parliament had not been adequately informed or involved in the process.
He expressed concern that committees responsible for exercising oversight over the Bank of Ghana appeared to have been kept in the dark throughout the currency redesign process.
According to him, the central bank must provide Parliament with detailed explanations regarding the justification for the currency change, the total expenditure involved and the due diligence undertaken before the designs were approved.
*Concerns Over GH¢50 Design*
The Minority has further raised concerns about what it describes as the misrepresentation of certain personalities featured on the new banknotes, particularly the GH¢50 denomination.
The Caucus is demanding clarification from the Bank of Ghana on how the images were selected and verified, and whether appropriate consultations were conducted with relevant stakeholders before the notes were printed.
It is also seeking to establish the financial implications of correcting the alleged design errors, including how much additional public funds would be required if the affected banknotes had to be reprinted.
Hon. Oppong Nkrumah said the central bank must provide answers to these questions and make available the relevant documentation, including the due diligence report on the selection and approval of the images used on the new currency.
He stressed that the introduction of a national currency is a significant public financial exercise that requires transparency and accountability.
*Minority To Formally Summon BoG*
The Ranking Member subsequently announced that the Minority would formally demand the appearance of the Bank of Ghana before Parliament to respond to the concerns raised.
The redesigned banknotes, dubbed the Heritage Series, feature national personalities, historical landmarks and cultural symbols, with the central bank citing improved security features, durability and ease of handling as some of the reasons for the redesign.
The new notes are expected to enter circulation on December 1, 2026, and will initially circulate alongside the existing banknotes.
However, the concerns raised by the Minority have added a new dimension to the public discussion surrounding the Heritage Series, particularly regarding the transparency of the process and the accuracy of the historical representations.
Hon. Oppong Nkrumah maintained that the Bank of Ghana must be prepared to account to Parliament and provide the necessary explanations to clear the concerns surrounding the exercise.
He therefore served notice that the Minority would pursue the matter through Parliament, insisting that the central bank must appear before the relevant parliamentary committee to answer questions on the new currency.
*Noble News will follow up for more updates.*
