Mahama Unveils “Heritage Series” Cedi Banknotes: Old Notes Remain Legal Tender, New Notes to Enter Circulation in Early December

President John Dramani Mahama on Thursday unveiled the Ghana Heritage Series banknotes at Bank Square in Accra, launching the most comprehensive upgrade to the cedi’s paper currency since the third cedi was introduced in 2007 — a redesign aimed at strengthening anti-counterfeiting defences, extending note lifespan, and cutting the long-term costs of currency management.

The launch was held under the theme “The Cedi, Our Future: Secure, Designed to Last.” Bank of Ghana Governor Dr Johnson Pandit Asiama said ahead of the ceremony that the core designs of the existing banknotes had been in circulation for more than two decades, making an upgrade necessary to meet modern security standards and respond to evolving economic and technological developments .

Denominations Unchanged, No GH¢500 Note

Dominic Owusu, the Bank of Ghana’s Director of Currency Management, confirmed that the Heritage Series covers all eight existing denominations — GH¢1, GH¢2, GH¢5, GH¢10, GH¢20, GH¢50, GH¢100 and GH¢200 — and that no new denomination above GH¢200 will be introduced . The clarification was aimed at dampening speculation on social media that the central bank was preparing a GH¢500 note .

On substrate, the new notes will continue to be printed on paper rather than polymer, contrary to rumours that Ghana was switching to plastic notes. The notes have been treated to improve durability, allowing them to better withstand wear during prolonged circulation .

Old Notes Stay Legal, Public Told Not to Rush

The Bank of Ghana has repeatedly stated that the Heritage Series does not constitute a demonetisation. Existing cedi banknotes remain legal tender and will circulate alongside the new series . The public has been urged not to rush to banks to exchange or withdraw cash following the launch — an appeal designed to prevent unnecessary queues, panic withdrawals, or disruption to everyday trading, particularly for market traders and small businesses that rely on cash .

The central bank also renewed its call for responsible handling of currency, warning against crumpling, writing on, stapling, or spraying banknotes at celebrations. It specifically discouraged decorative uses such as money bouquets, warning that such practices reduce the quality and lifespan of notes and drive up replacement costs .

Early December Rollout, ATM Calibration First

According to financial sector sources, the new notes are expected to enter public circulation in about two weeks — during the first week of December — through commercial banks in a phased rollout . The gap between the launch and physical distribution is intended to allow public education and technical preparation, including the recalibration of ATMs and cash-processing equipment at commercial banks so they can recognise and dispense the new notes. The central bank is seeking to avoid a repeat of the difficulties that followed the introduction of the GH¢200 note, when some ATMs could not process the denomination .

Launch Date Postponed from Original Schedule

The November 12 launch date itself represented a postponement. The Heritage Series was initially scheduled for release on November 3, 2026, but the Bank of Ghana pushed the unveiling back by more than a week . The new date coincided with the presentation of the 2027 Budget to Parliament, but organisers scheduled the currency ceremony for 10:00 a.m. to conclude before Finance Minister Dr Ato Forson delivered the budget later in the day .

Design and Symbolism

The full design of the Heritage Series was kept under wraps until the unveiling. The Bank of Ghana had said only that the notes would incorporate enhanced security features and contemporary designs celebrating Ghana’s heritage and aspirations . Governor Asiama framed the redesign in broader terms, describing the cedi as “a symbol of our economic sovereignty and an important instrument of economic activity,” and saying the new notes would “honour our national heroes and celebrate Ghana’s heritage, culture and identity through modern and progressive currency designs” .

The visual elements — including national heroes, historical landmarks, and cultural motifs — were disclosed at the ceremony itself.

Background: From Two Thousand Old Cedis to the Heritage Series

Ghana’s currency has been through several overhauls. The first cedi replaced the Ghanaian pound in 1965 and was rapidly eroded by black-market pressures. A second cedi followed in 1967 and also succumbed to inflation . In 2007, the central bank redenominated the currency, cutting four zeros to introduce the third cedi (GH¢), which remains the basis of the current system .

Nearly two decades later, the Heritage Series represents the first comprehensive upgrade within the third-cedi framework — an upgrade rather than another redenomination. Officials stressed that the release does not change the fundamental value of the Ghana cedi . For ordinary Ghanaians, the immediate message is simple: the notes in your wallet still work, the new ones will appear gradually, and there is no need to spend or exchange existing cash in a hurry.

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Reporter’s note: The specific security features of the new notes were disclosed at the unveiling. The Bank of Ghana has confirmed that tactile markers for the visually impaired have been strengthened, and that it is exploring a mobile application that can scan and read out note denominations. The December circulation timeline is based on financial sector sources and has not been formally announced as a fixed date by the Bank of Ghana. The Heritage Series does not include coins .