Business & Finance

BoG Has No Plan For ¢500 Coin 

The Bank of Ghana (BoG) has discredited reports about the introduction of a ¢500 coin.


In an interview, the Director for Currency Management at the BoG, Dominic Owusu, said there is no imminent plan for that.


He told JoyNews that a lot of deliberations go into such developments which are subsequently communicated through a press release.


“When there is a currency issuance or change, the Bank of Ghana will come with an appropriate press release to inform the public.”


He, therefore, stated that the speculation was untrue.


“We saw on social media that the central bank will issue a ¢500 note or coin but the bank has not done any such thing. So it’s not true.“


The rumours about the issuance of a ¢500 came a few months after the Central Bank circulated the upgraded one cedi coin on December 12, 2022, following plans to phase out its notes.


In 2021, the BoG announced plans to cease circulation of the 1 and 2 Ghana Cedi notes, whereas their coin versions remain in circulation and in use, citing the high cost of replacing defaced notes.




Source: Fuseini

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