The Bank of Ghana (BoG) has dismissed reports of introduction and issuing ¢500 coin, insisting it has no immediate plans of issuing higher denomination for circulation.
Several reports have indicated that the Bank is working to introduce the coins – samples of which have been circulated on social media platforms.
Speaking on the issue, the Director for Currency Management at the BoG, Dominic Owusu said the reports are false.
He pointed out that the BoG will always embark on an extensive public and media education before it introduces new notes or coins into circulation.
“When there is a currency issuance or change, the Bank of Ghana will come with an appropriate press release to inform the public. 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, “he said on March 30.
Mr. Owusu explained that the introduction of a new currency or withdrawal of same is an important exercise that is always thoroughly planned by the Bank of Ghana before executed.
This, he said enables the public to understand the value and usage of such currencies.
He urged the public to disregard social media stories that suggest that the Bank of Ghana is introducing new currencies without official statement from the bank.