Old Ghc 50 notes no more legal tender!

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Created on Saturday, 13 October 2012 00:00

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12 October 2012

Old Ghc 50 notes no more legal tender!

The Bank of Ghana (BoG) has voiced a caution to the general public especially the business community that the old Ghc 50 note is no longer a legal tender effective the 1st of October following the introduction of a new one.

Speaking to Adom Business, the Head of Financial Stability at BoG, Mr Benjamin Amoah explained that the old note cannot be used for any form of payments or offset debts.

Mr. Amoah’s caution followed reports that the Eastern Regional offices of the Electricity Company of Ghana (ECG) had refused to accept the old notes used by some residents to pay their bills. The aggrieved residents claimed they were unaware of the development.

However, Mr Amoah advised residents possessing the old notes to return them to any bank or any branch of the Bank of Ghana in exchange of the new notes.

He said this will help them retrieve the old notes from the system quickly.

“The old note ceases to be used to make payments from 1st October. The new note has a cocoa pod that replaces the holographic patch whilst the number 50 at the bottom of the front is now green instead of gold. That is the one that can be used for all forms of payments from now onwards,” he stressed.

The new Fifty Ghana Cedis notes started circulation from 21 August, 2012.

The Bank of Ghana introduced it to stop fraudsters from printing counterfeits.

From: Maame Esi Nyamekye Thompson/Adomonline.com