The Bank of Ghana has denied rumors circulating on social media that it plans to introduce a GH¢500 coin, stating that it currently has no plans to issue higher denominations for circulation.
Despite images of the purported coins being shared on social media, the Director for Currency Management at the Bank of Ghana, Dominic Owusu, said the report is false.
Owusu emphasized that the Bank of Ghana always extensively plans and educates the public and media when introducing new currency or withdrawing existing notes and coins.
He urged the public to ignore social media stories suggesting the Bank is introducing new currencies without an official statement. In addition, he emphasized that the one pesewas coin remains legal tender and must be accepted for transactions.
The Bank of Ghana is committed to educating Ghanaians on how to handle the cedi properly to prevent it from becoming worn out, and is making efforts to ensure the longevity of the currency.