The central bank states that there are no current intentions to introduce greater circulation denominations.
Dominic Owusu, the Bank of Ghana’s Director for Currency Management, advised the public to disregard the news and called it fake.
He clarified that the introduction of new currency or the withdrawal of currency notes and coins is always carefully thought out and supported by considerable public and media education.
Ghana is advised by the IMF to obtain finance assurances from partners and creditors prior to Board approval.
“The Bank of Ghana will issue the necessary press statement to inform the public when there is a monetary issue or modification. The central bank was supposed to release a 500 note or coin, according to social media, but nothing of the sort has happened. Hence, it is untrue, “He declared.
The GH500 coin is said to be soon to be put into the system, which has spurred online debates.
A picture of the new GH 500 coin appeared online earlier, and Ghanaians responded with their opinions on the matter.