Bank of Ghana Dismisses GH¢500 Note Rumors Ahead of ‘Heritage Series’ Launch and Facilitates Direct Cedi-China Trade

The Bank of Ghana (BoG) has officially refuted circulating social media rumors regarding the introduction of a new GH¢500 banknote. Dominic Owusu, Director of the Currency Management Department at the central bank, clarified that no such high-value denomination is planned for the upcoming ‘Heritage Series’ of banknotes. Set for release on November 3, 2026, the new series is intended to upgrade existing denominations rather than expand the current range of notes. The BoG emphasized that the public should disregard misinformation and rely on official communications from the central bank regarding the nation's legal tender.

The Heritage Series represents a significant move by the BoG to modernize Ghana’s physical currency. According to Mr. Owusu, the upgrade focuses on integrating state-of-the-art security features to combat counterfeiting and utilizing more durable materials to extend the lifespan of the notes in circulation. Beyond technical enhancements, the redesign will incorporate Ghanaian symbols and imagery that reflect the country’s rich history, culture, and national aspirations. This initiative aims to streamline currency management and reduce the long-term costs associated with printing and replacing worn-out banknotes.

To ensure a smooth transition, the central bank has assured the public that all current Ghana cedi notes will remain valid legal tender and will continue to circulate alongside the new Heritage Series after its launch. The BoG’s strategy focuses on a phased integration that avoids market disruption while providing the public with more secure and resilient currency. This clarification comes as the central bank seeks to maintain public confidence in the cedi and its management under the current administration’s economic framework.

In a parallel effort to strengthen the national currency's utility, the Bank of Ghana has also announced new payment arrangements to facilitate direct trade between Ghana and China. This initiative allows Ghanaian businesses to settle transactions with Chinese suppliers using the Ghana cedi, bypassing the traditional requirement to convert local currency into US dollars. By collaborating with commercial banks to establish these direct payment channels, the BoG intends to reduce the pressure on foreign exchange reserves and minimize transaction costs for importers, further cementing the trade relationship with one of Ghana’s largest economic partners.