“BoG will disclose full cost of new cedi heritage series in 2026 accounts” - BoG Governor

The Bank of Ghana has assured the public that the full cost of introducing its new Ghana Cedi Heritage Series will be publicly accounted for, with every expenditure associated with the exercise expected to be captured in the central bank’s 2026 financial statements.

Governor Dr. Johnson Pandit Asiama disclosed this on Thursday during the media engagement following the 132nd Monetary Policy Committee meetings, saying the currency-modernisation programme was not an unplanned expenditure but an exercise that had been budgeted for since last year.

Asked how much the Bank of Ghana is spending on the new banknote programme, Dr. Asiama did not disclose a specific figure but said the expenditure had been fully planned and documented.

He said the exercise had been “budgeted for” and that the Bank’s accounts would provide the public with a complete record of expenditure.

The Governor stressed that the Bank of Ghana’s financial accounts are subject to auditing, meaning expenditure on the Heritage Series will form part of the financial information available for public scrutiny.

The announcement comes as the central bank prepares to launch the new banknotes on November 3, 2026, under the theme “The Cedi, Our Future — Secure, Designed to Last.”

The Heritage Series is expected to introduce enhanced security features, improved durability and redesigned imagery reflecting Ghanaian heritage and national identity.

The disclosure of the expenditure through the Bank’s audited financial accounts could become an important reference point for assessing the economics of replacing a currency series that has been in circulation for more than two decades.

The Governor has previously explained that advances in technology, changing patterns of currency use and increasingly sophisticated counterfeiting threats have made modernising the banknotes necessary.

The Bank also expects the upgraded notes to be more durable, potentially helping to reduce the frequency with which damaged notes need to be replaced.

Dr. Asiama also defended the Bank’s new MPC educational programme, describing it as both a mentorship initiative and an effort to improve transparency around monetary policymaking.

He noted that many of Ghana’s senior economic policymakers had themselves studied economics at the University of Ghana and argued that the programme offered an opportunity to give back to students.

The initiative allows students to observe aspects of the MPC process and interact with technical officials.

The Governor said the Bank had previously hosted representatives from organisations including the Association of Ghana Industries, trade unions and the Ghana Union of Traders’ Associations, and that students should similarly have an opportunity to understand how monetary policy decisions are made.

He said the programme is intended to expose young people to the practical relevance of what they learn in economics classrooms.

Gold remains Ghana’s biggest external vulnerability

The Governor also offered a candid assessment of Ghana’s exposure to international commodity prices, particularly gold.

According to Dr. Asiama, gold accounts for about 68% of Ghana’s exports, making movements in the international gold market particularly significant for the country’s external accounts.

He explained that changes in global monetary policy can affect gold prices and, consequently, Ghana’s external position.

That exposure has encouraged the Bank and other policymakers to pursue measures aimed at reducing concentration risk.

Dr. Asiama pointed to portfolio diversification, hedging initiatives and the increased use of derivatives and futures markets as some of the measures being explored to manage the country’s vulnerability to commodity-price movements.

Processing gold, cocoa and oil at home

The Governor also highlighted increased domestic processing of Ghana’s major export commodities as a longer-term strategy for reducing vulnerability.

He pointed to the return of production at the Tema Oil Refinery as an example of efforts to increase domestic processing capacity.

On cocoa, he said Ghana should process more of its crop domestically, including producing finished products such as chocolate for markets across Africa.

Gold refining is another area he identified as strategically important, noting the presence of two gold refineries in Ghana.

The economic argument is straightforward: moving beyond the export of raw commodities towards greater domestic processing could allow Ghana to capture more value within the economy while reducing some of its exposure to fluctuations in commodity markets.

Non-interest banking consultations continue

Dr. Asiama also disclosed that consultations on Ghana’s non-interest banking framework remain ongoing.

He said the Bank introduced the concept to broaden the range of financial services available in Ghana and promote greater financial inclusion.

However, concerns raised during consultations have prompted further engagement among stakeholders.

The Governor said committees are currently working through the outstanding issues with the objective of developing a framework that is “fit for purpose” and acceptable to stakeholders.

He stressed that the initiative is a financial-services policy rather than a religious programme.

The Bank of Ghana has so far received two licence applications connected to non-interest banking.

One application is for a full-fledged non-interest bank, while an existing local bank is seeking approval to introduce some non-interest banking instruments.

Dr. Asiama said the Bank is reviewing the applications but does not intend to impose an artificial deadline on the process.

For the central bank, he said, the priority is ensuring that consultations are sufficiently thorough and that the resulting framework is one that Ghana can broadly accept and implement effectively.

Story by: Joshua Kwabena Smith