GHANA · ECONOMY
Key Facts
- The country Ghana, a West African gold exporter, uses the cedi as its currency.
- What happened The central bank says its new 50-cedi note (about US$4.30) shows flag designer Theodosia Okoh.
- The row Critics said the face looked like her sister, Dr Letitia Obeng, so the bank explained the engraving.
- The politics Opposition lawmakers want the bank to explain design, cost and reprints before Parliament.
- Next The new Heritage Series, the bank’s new note designs, enters circulation on 1 December 2026.
Ghana’s central bank says the portrait on its new 50-cedi note was built from several photographs of Theodosia Okoh, the woman who designed Ghana’s national flag, and not from a picture of her sister. The Bank of Ghana made the statement on Friday 13 November 2026, one day after it unveiled its new Heritage Series of banknotes.
For US readers, this is a story about public confidence in the cedi, Ghana’s currency, as the new notes reach the public on 1 December 2026. At about 11.7 cedis to the US dollar (RT market data, 13 November), a 50-cedi note is worth about US$4.30.
What Happened
Public concern began after people said the woman on the new GH¢50 note (about US$4.30) looked like Dr Letitia Obeng, the sister of Mrs Okoh, rather than Mrs Okoh herself. The Bank of Ghana answered with a press release from its Communications Department, dated 13 November 2026.
The bank said the portrait was developed from different photographs of Mrs Okoh and not from a photograph of Dr Obeng. It said the photographs were used to create an engraved artistic representation suitable for banknote printing.
During that process, the bank said, adjustments were made to meet the technical and security requirements of currency production, including replacing her head tie with a hairstyle common in that period. It accepted that these changes contributed to the perceived differences and to a close likeness to Dr Obeng.
The bank said the portrait is meant to honour Mrs Okoh and that the people featured on the notes will be represented with dignity and respect. It also repeated that the Heritage Series banknotes will enter circulation on 1 December 2026.
What the Opposition Wants
Separately, the Minority in Parliament, the opposition caucus, demanded that the bank appear before lawmakers. Kojo Oppong Nkrumah, the opposition’s lead member on a parliamentary committee for the economy, spoke at a press conference on the 2027 Budget, the government’s spending plan.
He asked for the technical reasons for changing the banknotes, what the exercise cost, the checks made before the designs were approved, and the cost of reprinting notes with errors. He also asked for a copy of the due diligence report and the names of the people who approved the designs.
Oppong Nkrumah said some notes allegedly misrepresent people’s identities and named the Okoh portrait as one example. He told reporters: “We want to serve notice, and notice is hereby served.”
Our earlier report covered the opposition’s questions about the new notes. The new designs themselves were unveiled on 12 November 2026.
What It Means for You
If you hold or send cedis, nothing changes yet, because the new notes only enter circulation on 1 December 2026. The bank has said at the unveiling that the existing notes stay legal tender alongside the new series.
Travellers to Ghana should expect two sets of notes side by side after that date. Take care with cash, and ask before accepting a note you do not recognise.
For investors in Ghanaian assets, the dispute is a reminder that lawmakers are asking the central bank for detail. No total cost figure was given on 13 November.
What Is Not Known
No cost figure for the new series or for any reprint was made public in the statements of 13 November. It is not known whether the bank will change the portrait, or when it will appear before Parliament.
The bank has not said how many 50-cedi notes have been printed. It is also not known whether the Okoh family accepts the final portrait, and the bank thanked the family for its engagement.
More: Ghana news in English, every day from The Rio Times.
Frequently Asked Questions
Who Is on Ghana’s New 50-Cedi Note?
The Bank of Ghana says the portrait shows Theodosia Okoh, who designed Ghana’s national flag. It says the image was developed from several photographs of her.
Why Did People Question the Portrait?
People said the engraved face looked like Mrs Okoh’s sister, Dr Letitia Obeng. The bank said replacing her head tie with a period hairstyle for engraving added to that likeness.
When Do the New Notes Enter Circulation?
The bank says the Heritage Series banknotes enter circulation on 1 December 2026. It has said the existing notes stay legal tender alongside them.
What Does the Opposition Want?
The Minority in Parliament wants the bank to appear before lawmakers to explain the reasons, the cost and the design checks. It also wants a copy of the due diligence report and the names of those who approved the designs.
Sources: Bank of Ghana, press release: Clarification on the Portrait of Mrs Theodosia Salome Okoh on the GH¢50 Heritage Series Banknote, 13 November 2026; Parliament of Ghana, Minority caucus press conference on the 2027 Budget, 13 November 2026; Bank of Ghana, Heritage Series unveiling, 12 November 2026; exchange rate, market data for 13 November 2026.
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