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Social media reports suggest that the Bank of Ghana (BoG) is planning to introduce a new $5 coin, and the BoG has denied notes.
In a statement released on Monday, the central bank clarified it has no immediate plans to introduce a new denomination into the country’s currency system.
“The Bank of Ghana wishes to inform the public that it has taken no decision to introduce a ¢500 coin or note,” the statement read.
The BoG further urged the public to disregard any information regarding the alleged introduction of the new denomination, stating that it remains committed to its mandate of maintaining price stability and ensuring a sound financial system.
The rumors of a new ¢500 coin and note had caused confusion among Ghanaians, with many expressing concerns about the potential impact on the economy and the likelihood of inflation.
This latest development follows a similar incident in 2019 when rumors of introducing a ¢1000 note circulated on social media, leading to widespread public backlash.
The BoG had then also denied the reports, stating that it had taken no decision to introduce the new denomination.
The central bank advised the public to be cautious of fake news and urged them to rely on official communication from the bank for any updates on the country’s currency system.
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Source:Omanghana.com/SP
