The Bank Of Ghana (BoG) says it has allayed public fears that the security of it's new five cedis currency note can be compromised. The new note the central bank said has unique security features different from the existing notes.
Head of currency at the Bank of Ghana, Mr Edward Musey told journalists from Northern and Upper West regions that the five cedis note was a supplementary to the existing notes. The five cedis note already being used by Ghanaians, Mr Musey explained was to celebrate Ghana central bank's 60th anniversary.
The note he said serve two purposes; as a legal tender for 5 Ghana cedis and a souvenir which the bank will keep at its treasury.
He also explained that, printing of the note did not mean taking others out of circulation, describing it as a commemorative one which will be used together with the one cedi notes concurrently without any time frame.
The new features including its rough nature according to Mr Musey was quite new even though it has been used globally.
On why BoG settled on the five cedis note instead of other notes, Mr Musey said the note seems to be the most widely used and preferred denomination among salary workers, hence the bank's decision.
The size was in inline with current international trend which is to allow people who use wallet to carry money in their pockets to do so with ease.
On the delay in educating the public on the new note, the currency head said the bank wanted to come out with the note ready available and accessible to Ghanaians.
BoG delayed in sensitizing the public was tactical because it needed to communicate well to the public.
No additional cost in printing
When asked how much it cost the central bank to print the new cedis, the official couldn't give figures except to say that it was not expensive. "It didn't add any burden to our operations as a bank. The bank was cautious in printing the note, we were mindful of how Ghanaians will feel," Mr Musey said.
Presenting the security features, an engineer at the currency department of BoG, Mr Frank Adjei said the pulsating movement of star in the note indicates it's a good bank note and urged the public to pay serious attention to it. If the note is hold against the light the image must appear like a ghost.
The note has Ghanaian intellectual, missionary and teacher, Dr James Emman Kwegyir Aggrey's portrait as a key security feature emboldened in it. There is also a tactile mark which helps the blind. If the five cedis note is folded, the tactile mark should meet the other side in a perfect order, Mr Adjei explained.
The note he said turns from green to blue color when flicking it; when tilted, the black star motif makes a pulsing motion and the figure 5 in the ribbon seems to move up and down, he explained further.