BoG withdraws old GH¢50 notes from the market

Email:kankiilu@yahoo.com

 

The Bank of Ghana (BoG), regulator of Ghana’s banking industry, has informed all banks and the general public that the old GH¢50 banknotes ceased to be legal tender after September 30, 2012, and should, therefore, not be issued to members of the public.

The old GH¢50 banknotes were replaced with the upgraded GH¢50 banknotes introduced on August 21, 2012.

The upgraded GH¢50 banknote has a more secure and technologically advanced public recognition feature called ‘Spark’, together with other features.

The Spark is in the form of a green cocoa pod located at the bottom right hand corner of the banknote.

When tilted, the cocoa pod changes colour progressively from green to blue, and back to green. A beam of light rolls on the cocoa pod. The move, according to the regulator, was to prevent the new GH¢50 notes from being counterfeited.

However, the old GH¢50 banknotes will continue to be exchanged at all banks and the Bank of Ghana, the Head of Public Affairs, Esi Hammond, said in a statement issued yesterday in Accra.

According to the statement, the banks are hereby directed to accept the old GH¢50 banknotes for exchange or deposit from the general public, after authentication

Thereafter, all banks should endeavour to lodge the old GH¢50 banknotes with the Bank of Ghana, and should ensure that lodgements of the old series are segregated from the upgraded series, it stated.

 

Short URL: http://thechronicle.com.gh/?p=48479