GH¢50 banknotes cease to be legal tender after September 30 – Bank of Ghana

The old GH¢50 bank notes will no longer be used as legal tender for payment of goods and services after September 30, 2012, the Bank of Ghana (BoG) has announced.

This is because the central bank on Tuesday August 21, 2012 circulated 20 million pieces of the newly upgraded GH¢50 notes into the market in other to curb counterfeiting of the country’s highest currency.

Until the September 30 deadline, the old banknote will run concurrently with the upgraded banknote.

“The old banknote will run concurrently with the upgraded banknote and will be accepted as legal tender for the payment of goods and services until September 30, 2012,” Dr H. A. K. Wampah told the press in Accra.

“Thereafter the old GH¢50 denomination can only be exchanged at the Bank of Ghana or any bank in Ghana,” Dr Wampah added.

According to the Head of Currency Issuing at the BoG, Mrs Catherine Ashley, there are about 11 million pieces of the old GH¢50 note in circulation.

“For the old one, we currently have about 11 million pieces in circulation,” Mrs Ashley said.

Dr Wampah explains that beyond the September 30 limit, one can exchange the old currency “perpetually” for the new one at any bank so far as it is not the counterfeited type.

By Ekow Quandzie