The Governor of the central bank, Dr Ernest Yedu Addison, has announced the introduction of GH¢100 and GH¢200 notes to the country’s currency denomination.
Also, GH¢2 coins have been introduced.
The new notes which go into circulation Friday were unveiled at a press conference at the Banking Hall of the Bank of Ghana (BoG).
In May this year, BoG put into circulation, upgraded banknotes of the Ghana Cedi. The rationale for upgrading the banknotes was primarily to enhance the security features of the banknotes in the context of an evolving technological landscape and to bring on board features that will secure the currency and make it difficult for counterfeiting.
In addition to enhancing the security features, the upgraded banknotes came with specific features to improve durability and enhance their machine readability.
The upgrade exercise retained the design features of the existing series of banknotes and coins as introduced twelve years ago in 2007, in a redenomination exercise that sought to recalibrate the currency due to significant deadweight burden which was a legacy of long periods of high inflation and currency devaluation.
“The highest denomination then was GH¢50 and was equivalent to the US$50. Twelve years after the redenomination exercise, sustained periods of high inflation and the perennial depreciation of the currency have eroded, in real terms, the face value of the series of the notes.”