Ghana Economy
Key Facts
- Plan. A new Currency Act would replace Ghana’s Currency Act, 1964 (Act 242), which the Governor said was enacted in a very different era.
- Aim. Tougher penalties for counterfeiting, scaled to how serious the offence is.
- Notes. The upgraded Heritage Series cedi notes enter circulation on 1 December 2026; existing notes stay legal tender.
- Campaign. A nationwide education drive in major local languages will teach people to spot fake notes.
- Missing. No draft bill, parliament date, penalty amounts or prison terms have been published.
The Bank of Ghana (BoG), the country’s central bank, plans a new law with tougher penalties for counterfeiting the cedi, Ghana’s national currency. Governor Dr Johnson Pandit Asiama announced it in Accra on Thursday 12 November 2026, as the bank unveiled upgraded banknotes.
What the Governor Announced
For anyone who handles cedi cash, from market traders to visiting business travellers, Ghana’s rules on fake notes are about to change. Governor Asiama, who heads the central bank, said the BoG is working with stakeholders on a new Currency Act to replace the Currency Act, 1964, known as Act 242.
He spoke at Bank Square in Accra at the launch of the Heritage Series, the upgraded cedi banknotes covered in our report on the launch date of the new notes. President John Dramani Mahama launched the series.
The proposed law will strengthen provisions against counterfeiting. Penalties will be proportionate to the seriousness of the offence.
The bill will also set out clear procedures for detecting, surrendering, authenticating and destroying counterfeit notes. It will give firmer legal backing to the fight against mutilation, defacement and abuse of banknotes and coins.
Why a New Law After 62 Years
Act 242 dates from 1964, which makes it 62 years old. The Governor said it was enacted in a very different era.
He tied the new law to the new notes: “In this way, the security built into the Heritage Series will be matched by laws that protect the currency and those who use it.” In plain terms, the bank wants the notes and the law to work as one system.
The Governor said safeguarding the cedi is a shared national responsibility. The bank issues and manages the currency, but its integrity also depends on how people handle, accept and use it.
A nationwide public education campaign will run in all regions, in major local languages. It will teach people to recognise the security features and to tell genuine notes from fakes.
The New Notes the Law Will Back Up
The Heritage Series goes into circulation from 1 December 2026. It will circulate alongside the existing series, which stays legal tender.
The existing series remains legal tender. Notes already in wallets and tills stay valid.
The new notes are designed with enhanced security features, improved durability and smaller, more portable sizes. They feature national heroes, historic sites, monuments and Adinkra symbols, which are traditional Ghanaian symbols.
The bank also built Enterprise Currency Operations Management Software (ECOMS) in house, to improve coordination with commercial banks on currency operations. It plans new Cash Centres at its regional offices in the cities of Ho and Tamale.
A Cedi App will educate the public about the features of the Heritage Series. It is also meant to help visually impaired people.
Physical cash remains important despite digital payments, the Governor said, particularly during technical failures, cyber incidents and other disruptions. The bank marks its 70th anniversary on 4 March 2027.
What It Means for You
Travellers and companies that handle cedi cash should expect tougher rules on fake notes, although no start date has been given. Until the new law arrives, the existing law and existing notes stay in force.
From 1 December 2026, two note series will circulate side by side, so check the security features of any cedi note you accept. The bank’s education campaign and Cedi App are meant to help with exactly that.
Readers following the currency will find background in our reports on the cedi, gold and dollar sales and the cedi-dollar outlook. The market rate on 12 November 2026 was about GHS 11.7 to US$1.
For wider context on the economy and politics, see our Ghana explainer. Anyone paying staff or suppliers in cedi cash should watch for the bill’s final wording.
What Is Not Known
No draft text of the bill has been published, and no date has been given for it going to parliament. Penalty amounts and prison terms have not been announced.
The speech does not say whether the stakeholders include the Attorney General, the government’s chief legal adviser, or parliament’s finance committee. It also does not say how many fake notes are in circulation.
Frequently Asked Questions
What is the Heritage Series?
It is the upgraded set of cedi banknotes launched on 12 November 2026. It has enhanced security features, improved durability, smaller sizes and designs showing national heroes, historic sites, monuments and Adinkra symbols.
Is the old cedi still legal tender?
Yes. The Heritage Series circulates alongside the existing series from 1 December 2026, and the existing series remains legal tender.
What will the new Currency Act do?
It will strengthen provisions against counterfeiting, with penalties proportionate to the offence. It will also set procedures for handling counterfeit notes and back the fight against mutilation and abuse of notes and coins.
When will the new law take effect?
That is not yet known. No draft text of the bill has been published, and no date has been given for it going to parliament.
Sources: Bank of Ghana, Governor Dr Johnson Pandit Asiama, welcome remarks at the launch of the Ghana Cedi Heritage Series banknotes, Bank Square, Accra, 12 November 2026; President John Dramani Mahama’s remarks at the same launch, 12 November 2026; Currency Act, 1964 (Act 242) as the law in force; market exchange rate, 12 November 2026.
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