Mahama Says Ghana’s Currency Is Long Overdue for Security Refresh

President John Dramani Mahama has said Ghana’s currency is long overdue for a security refresh, arguing that banknotes must be periodically upgraded to stay ahead of counterfeiters.

President Mahama made the remarks during his Resetting Ghana Tour in the Upper East Region, where he explained that prolonged use of the same banknote designs could make them increasingly vulnerable to counterfeiting.

“Every country, every ten years, you are supposed to refresh your currency because if you use the same currency for too long, people learn how to counterfeit it,” President Mahama said.

He added that security features on banknotes need to be upgraded regularly to keep pace with increasingly sophisticated counterfeiting techniques.

“And so this particular currency is long overdue for refreshing,” he stated.

The comments come at a time when Ghana's economy has been showing signs of improvement, with inflation falling sharply and the cedi recording stronger performance against major international currencies.

WATCH: President Mahama Speaks on Ghana’s Currency Refresh

Watch President John Dramani Mahama explain why he believes Ghana’s currency is long overdue for a security refresh.

Also Read: Ghana’s Economic Recovery: What Falling Inflation and a Stronger Cedi Mean for the Economy

Bank of Ghana Expected to Lead Currency Refresh

President Mahama disclosed that he is aware of plans by the Bank of Ghana (BoG) Governor to refresh Ghana's currency.

However, he stressed that the central bank will determine the timing and details of the exercise.

“I know the governor has plans to refresh the currency and I am sure that at the appropriate time, the Bank of Ghana will let Ghanaians know what they are doing about it,” he said.

This means there is no announced date yet for the introduction of refreshed banknotes.

The President's comments should therefore not be interpreted as an immediate directive for Ghanaians to exchange their existing cedis.

The Bank of Ghana remains responsible for deciding how and when any currency refresh will be implemented.

What Does a Currency Refresh Mean?

A currency refresh generally involves upgrading or changing the security features of banknotes to make them more difficult to counterfeit.

Such features can include security threads, watermarks, colour-changing elements and other technologies designed to help members of the public, financial institutions and cash-handling machines identify genuine notes.

Importantly, a currency security refresh does not automatically mean redenomination.

Ghana's existing currency denominations can remain in circulation even when security features or banknote designs are upgraded.

Why the Currency Refresh Matters

Counterfeit currency can create problems for traders, businesses, banks and ordinary consumers.

When counterfeit notes circulate, people who unknowingly accept them can suffer direct financial losses because the notes have no legitimate monetary value.

A modernised banknote design with stronger security features can make counterfeiting more difficult and improve confidence in cash transactions.

The Bank of Ghana has previously undertaken upgrades to Ghana's banknotes, introducing enhanced security features as technology and counterfeiting methods evolved.

The proposed refresh would therefore fit into a broader effort to maintain the integrity of Ghana's currency.

Ghana’s Economic Recovery Provides a Wider Context

The President's remarks come against the backdrop of improving headline economic indicators.

Ghana's annual inflation rate fell to 4.6% in July 2026, representing a major decline from the elevated inflation levels recorded during the country's recent economic difficulties.

Also Read: Ghana’s Inflation Drops to 4.6% in July as Prices Ease, Boosting Economic Confidence

Lower inflation can help strengthen confidence in the domestic economy, although it does not necessarily mean that households immediately experience lower prices.

That distinction remains important because many Ghanaians continue to face pressure from the accumulated cost of goods and services.

Also Read: Cost of Living Crisis: Ghanaians Still Feel Price Pressure

Mahama Links Cedi Strength to Economic Management

President Mahama also sought to distinguish the physical security of Ghana's banknotes from the broader strength of the cedi.

According to the President, the value and performance of the currency ultimately depend on the management of the wider economy.

“What I would say is that the cedi today is stronger than it was in the past because of good economic management,” he said.

He attributed the cedi's recent performance against major international currencies partly to government economic policies.

“Your currency is as strong as your economic management and because of the good policies we put in place, the cedi is holding its own against other major currencies,” he added.

The government's fiscal and economic policy decisions will therefore remain important to the future performance of the cedi.

Also Read: How Ghana’s 2026 Mid-Year Budget Will Affect Fuel Prices, Jobs and Your Wallet

Bank of Ghana’s Role in Managing Currency Stability

The Bank of Ghana's role extends beyond issuing and managing physical banknotes.

The central bank also plays a major role in monetary policy, foreign-exchange management and maintaining financial stability.

Recent measures involving the country's gold and foreign-exchange operations have also attracted significant attention as Ghana seeks to strengthen its external position and support the cedi.

Also Read: Bank of Ghana Ends GoldBod Pre-Financing: What It Means for Banks, Businesses and the Cedi

These developments provide an important backdrop to the President's comments about the currency.

Refreshing the Cedi Is Not the Same as Redenomination

One issue likely to generate confusion among Ghanaians is whether a currency refresh means the country is preparing for another redenomination.

It does not necessarily mean that.

A currency refresh primarily concerns the security, design and physical integrity of banknotes.

A redenomination, on the other hand, involves changing the denomination structure of a currency and potentially removing zeros from prices and monetary values.

Ghanaians should therefore avoid assuming that President Mahama's comments mean the government is preparing to remove zeros from the cedi.

Any such major monetary policy decision would require a separate official announcement.

What Happens Next?

For now, the Bank of Ghana will determine when and how the currency refresh takes place.

President Mahama has indicated that the Governor has plans for the exercise, but details such as the affected denominations, new security features, transition arrangements and implementation date have not yet been announced.

The central bank would be expected to provide those details when the process is formally launched.

Until then, Ghana's existing banknotes remain valid for transactions.

What Ghanaians Should Watch For

The most important developments to watch are:

• An official announcement from the Bank of Ghana.
• The denominations that may be affected.
• New security features to be introduced.
• Whether existing notes will remain legal tender during a transition period.
• How banks and businesses will handle the exchange of old notes.
• The central bank's explanation of how the exercise will combat counterfeiting.

For now, President Mahama's message is primarily about strengthening the security of Ghana's currency, rather than announcing an immediate change to the value of the cedi.

Global Pulse GH will continue to monitor developments from the Bank of Ghana and update readers when official details of the proposed currency refresh are announced.