1183) New Banknotes, Ghana: Two new Cedi Banknotes in denominations of GH200 and GH100 Cedi and a GH2 Cedi Coin, put into circulation by the Bank of Ghana: Date of Circulation: 29.11.2019:
The Bank of Ghana has put into circulation on 29.11.2019, two new larger value Banknote denominations of GH200 Cedi and GH100 Cedi. Banknotes from 1 to 50 Cedi are already in circulation, with the last Banknote Series being issued in 2007, and these two denominations have supplemented the presently circulating denominations and to ease large-value transactions. The GH200 Cedi Banknote is being introduced gradually into circulation and in limited quantities.
In a redenomination exercise, that sought to recalibrate the currency due to significant deadweight burden, which was a legacy of long periods of high inflation and currency devaluation, the 2007 Banknote Series was part of a redenomination aimed at eliminating four zeroes from the previously circulating unit of currency, which was carried out in an attempt to introduce efficiency into the economy and remove the dead-weight burden associated with transactions.
In 05/2019, the Bank of Ghana circulated upgraded Banknotes of the 2007-Banknote Series, in which security features were enhanced and the upgraded Banknotes came with specific features to improve the durability of the cotton-fibre paper-printed Banknotes, also enhancing their machine readability. The designs of the 2007-Banknote Series were, however, retained.
All Ghanaian Banknotes in the presently circulating series, with the exception of the GH2-Cedi Banknote introduced in 2010, depict/include a group portrait of the "Founders of the Nation" shown on the Front of the Banknotes.
The group portrait comprises six distinguished Ghanaians who spear-headed the struggle for Ghana's independence. Also depicted on the Front is an image of the "Independence Arch", a national symbol of the political independence of Ghana.
Referred to as the "Big Six" these leaders were instrumental in leading Ghana to independence in 1957 and are -
Kwame Nkrumah (1909-1972), Emmanuel Odarkwei Obetsebi Lamptey (1902-1963), William Ofiri Atta (1910-1988), Edward Akufo-Addo (1906-1979), Ebenezer Ako Adjei (1916-2002) and Joseph Boakye Danquah (1895-1965).
Both the Banknotes exhibit the date 01 November 2019, which is placed just below the signature of the Bank of Ghana's Governor - Dr. Ernest Y. Addison.
The Front of the GH100 Cedi Banknote depicts the group portrait of the "Big Six" at right and the Independence Arch in the centre. Below the Group portrait is the Emblem of Ghana.
At left is seen the "Adinkra symbol" - DWENINMMEaN - Horns of a Ram:
"This is a symbol of strength. The Ram stands in confidence with horns strong and firm. Its strength perpetuates peace around him and portrays self-respect, self-composure and discipline. He does not use his strength as a bully, unless it is provoked or challenged. The Akan must learn from and pattern themselves on the Ram and be strong and self-disciplined."
While we visited a friend in Ghana a few years ago, we had the opportunity to study some 83 Adinkra symbols, which were powerful symbols of wise sayings. Even today more and more Adinkra symbols are being discovered, all of which have a profound meaning on how to conduct oneself in life.
My post on the Adinkra symbols can be visited at the following link:
While we visited a friend in Ghana a few years ago, we had the opportunity to study some 83 Adinkra symbols, which were powerful symbols of wise sayings. Even today more and more Adinkra symbols are being discovered, all of which have a profound meaning on how to conduct oneself in life.
My post on the Adinkra symbols can be visited at the following link:
On the Back of the GH100 Cedi Banknote is seen the façade and the interior chamber of the Ghana's Parliament, which is a new structure which was completed and inaugurated in 2015.
The Dimensions of this Banknote are 157.0 mm x 80.0 mm and its Colour is predominantly Olive-blue.
The Dimensions of this Banknote are 157.0 mm x 80.0 mm and its Colour is predominantly Olive-blue.
The Front of the GH200 Cedi Banknote depicts a group portrait of the "Big Six" at right and the Independence Arch in the centre. Below the group portrait is the Emblem of Ghana.
At left is seen the "Adinkra symbol" of GYE NYAME - Except God:
(This symbol stands for the Omniscience and Omnipotence of God) -
"Nyame" means "God" who has created the Universe. The "Gye Nyame" means "except for God" and signifies the all-knowing Power of God. A detailed meaning of this symbol is described as "this great panorama of Creation dates back to time immemorial, no one lives who saw its beginning and no one will live to see its end, EXCEPT GOD. God knows everything that the human mind cannot even conceive or comprehend."
This symbol is also a reflection of the religious character of the Akan people. The gye Nyame symbol is the best known Adinkra symbol. This is the most powerful symbol of the Akan and can be seen everywhere in daily life. It is used in decorations, clothing and Artwork, on chairs, on cars, in shops, in residences, particularly in the Chief's palaces etc.
The Back of the GH200 Cedi Banknote depicts an image of Jubilee House - the Presidential Palace in Accra, the country's capital that serves as both the residence and office of the President of Ghana.
The Dimensions of this Banknote are 161.0 mm x 83.0 mm and its Colour is predominantly Orange-brown.
The security features in these two high value new denominations include:
3D Motion Surface strip: A vertically placed stripe is shown on the Front with motion action, when the Banknote is tilted.
Optically Variable Ink (OVI) application: A shape/figure located towards the lower-left hand corner changes colour from green to gold when tilted.
Enhanced Watermark: The image of Tetteh Quarshie (1842-1892), along with a cocoa pod are seen located to the left half of the Banknotes when held up against a light source.
Quarshie was an agriculturist who is remembered for introducing cocoa crops to Ghana, (then known as the "Gold Coast"). Presently, cocoa harvesting constitutes one of the major export crops of the Ghanaian economy.
Tactile Print application: Each denomination includes a unique shape or symbol located on the top right half on the Front - this shape aids in identifying the Banknote by visually impaired persons.
Iridescent Strip printing: A vertical printed strip including images of stacked gold bars is located on the Back of the new Banknotes. When held against a light source, the shimmering strip is clearly visible.
The new GH2-Cedi Bimetallic Coin:
A new GH2-Cedi Bimetallic coin was also issued along with the above Banknote denominations.
The coins have been minted by the Royal Mint, UK and include holographic technology, latent imaging and micro lettering, as part of the design and security measures.
The Obverse of the 2 GH2 Cedi Bimetallic Coin depicts Ghana's Coat of Arms/Emblem in the centre, the country name "GHANA" (on the upper periphery), the denomination in numerals "2" (at right) and the year of issue "2019" (on the lower periphery).
The Reverse of the GH2 Cedi Bimetallic Coin shows an image of Jubilee House, the official offices and residence of the President.
Tailpiece:
The objective of a common currency - the first in the West Africa Monetary Institute (WAMI) and ultimately a West African Monetary Zone (WAMZ), was agreed upon in 12/2000.
On 29.06.2019, the leaders of the Economic Community of West African States (ECOWAS) formally adopted the name of "ECO" for their project of a single currency. The ECOWAS states/countries include - Ghana, Liberia, Gambia and Nigeria among other countries. The success of the Project to replace the CFA Franc in West Africa with a common currency - the "ECO" - is planned from 2020, according to an International Monetary Fund (IMF) Report.
Links to some more interesting posts on our blogs on Ghana:
9) Oware: The Ancient National Board Game of Ghana
10) The ancient Adinkra symbols of the Ashantis
11) Two new Cedi Banknotes of GH200 & GH100 and a GH2 Cedi Coin introduced in 11/2019
10) The ancient Adinkra symbols of the Ashantis
11) Two new Cedi Banknotes of GH200 & GH100 and a GH2 Cedi Coin introduced in 11/2019
Thank you, very informative post. Ghana had a very nice video recently about their new coin. Also, it is great that they are making their bank notes usable for visually impaired people.
ReplyDeleteThank you so much, tom for visiting this post, Tom and your appreciative comment. During our visit to Ghana, we interacted with several persons, and had a memorable experience every time. People would go out of their way to help you out, including giving directions and escorting you part of the way. It is very nice that the Bank of Ghana has included these assists in these Banknotes for the visually impaired users.
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