The Minority in Parliament is demanding that the Bank of Ghana (BoG) appear before the House to account for the introduction of the new cedi banknotes amid concerns over the alleged misrepresentation of identities on some of the designs.
The caucus wants the central bank to explain the technical reasons for changing the currency, the total cost of the exercise, the due diligence undertaken before the designs were approved and the potential financial implications of reprinting notes found to contain errors.
Addressing a press conference in Parliament on the 2027 Budget, Ranking Member of Parliament’s Economy and Development Committee and Ofoase-Ayirebi MP, Kojo Oppong Nkrumah, said the Bank of Ghana had failed to adequately engage Parliament on the exercise.
He argued that committees mandated to oversee the central bank should have been properly briefed before the new banknotes were introduced.
“Parliament, unfortunately, the committees of Parliament that exercise oversight on the Bank of Ghana, like our Committee on Economy and Development, have no idea what they are doing when it comes to the new currency,” he said.
Mr Oppong Nkrumah said the central bank must provide answers on the rationale and financial implications of the currency redesign, particularly in light of the concerns raised about the identities featured on the notes.
“What are the technical reasons for which our currency is being changed? How much has this exercise cost us? How do they respond to the misrepresentations of identities on the face of some of the notes that they have presented? What will it cost us to reprint those notes on which identities have been misrepresented?” he asked.
The concerns follow the unveiling of the new cedi notes under the Bank of Ghana’s Heritage Series on November 12.
Among the issues raised is the photograph used to represent Theodosia Salomey Okoh, designer of Ghana’s national flag. The central bank has said it will engage her family over the concerns and work towards addressing the matter.
Mr Oppong Nkrumah further disclosed that the Minority would demand the due diligence report underpinning the banknote designs, as well as information on the individuals who authorised their approval.
He insisted that the central bank must appear before Parliament and provide the necessary explanations and supporting documents.
“We want to serve notice, and notice is hereby served. They will have to show up before Parliament and answer all of these questions,” he said.
