The Bank of Ghana is preparing a major upgrade of the country’s currency, announcing a new “Heritage Series” of cedi banknotes while backing arrangements that could allow Ghanaian importers to pay for goods from China directly with cedis instead of first sourcing US dollars.
Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, announced the initiatives at the 132nd Monetary Policy Committee press briefing in Accra on Thursday, as the central bank moves to modernise Ghana’s currency and support alternative payment arrangements for the country’s growing trade with China.
The Heritage Series is scheduled to be officially launched on November 3, 2026, at Bank Square in Accra. The upgraded banknotes will cover the existing denominations of GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100 and GH¢200.
Dr Asiama said the new notes will incorporate stronger security features, improved durability and modern designs reflecting Ghana’s culture, heritage and national identity. The Bank says the upgrade has become necessary after more than two decades of the existing designs, during which currency technology and security standards have evolved significantly.
The Governor, however, moved to prevent any possible rush on banks, stressing that the introduction of the Heritage Series does not invalidate the cedi notes currently in circulation.
The existing notes will remain legal tender and will circulate alongside the Heritage Series. Dr Asiama therefore said there was no need for Ghanaians to rush to exchange or withdraw their existing banknotes because of the introduction of the new series.
Beyond the currency upgrade, the Governor disclosed that the central bank is supporting efforts to make it possible for Ghanaian businesses trading with China to settle transactions using cedis, reducing the need for importers to first obtain US dollars.
According to Dr Asiama, Stanbic Bank is already piloting an arrangement that allows importers purchasing goods from China to approach the bank with cedis for their transactions.
“As we speak, if you want to buy anything from China, just go to Stanbic Bank with your cedis. You are able to do that,” the Governor said.
He disclosed that GCB is also working on a similar arrangement as Ghana seeks to deepen financial and trade relations with China. The initiative forms part of efforts to facilitate cross-border payments and reduce reliance on the US dollar in bilateral transactions.
Dr Asiama said the central bank would continue engaging relevant institutions, including counterparts in China, as Ghana seeks to take advantage of opportunities emerging from its expanding trade relationship with the Asian economic giant.
Meanwhile, the Governor has called for a change in the way Ghanaians handle the national currency, warning that widespread abuse of banknotes shortens their lifespan and increases replacement costs for the central bank.
He urged the public to stop crumpling, writing on and stapling banknotes, as well as using currency for money bouquets, spraying, showering and other decorative purposes.
According to Dr Asiama, preserving the quality and integrity of the cedi is a shared national responsibility, with proper handling expected to reduce replacement costs and improve the efficiency of currency management.
