No new GHS 500 banknotes have been printed


The Bank of Ghana has strongly refuted recent viral social media claims that new GH₵500 banknotes have been printed and circulated.

A viral video on TikTok emerged last week alleging that President Nana Akufo-Addo and Vice President Dr Mahamudu Bawumia launched GH₵500 currency notes and coins at an event televised on Metro TV.

The video showed the political leaders displaying a purported GH₵500 note featuring first President Kwame Nkrumah on one side and the five-fourth Republican Presidents on the reverse.

However, the central Bank has categorically denied these assertions as false. “Such fake information is circulated from time to time. Please disregard this information.

“The highest denomination in circulation remains the GH₵200 note.

“Such fake information is circulated from time to time. Please disregard this information. The Bank would have stated if indeed any such denomination was going to be released,” the Head of Communications at Bank of Ghana, Esi Hammond stated.

Currently, all banknotes feature The Big Six – the pioneers who led Ghana to independence in 1957. They include Kwame Nkrumah, Joseph Boakye Danquah, Emmanuel Obetsebi-Lamptey, William Ofori Atta, Edward Akufo-Addo and Ebenezer Ako Adjei.

The fake ₵500 note instead depicted President Nkrumah alongside John Mahama, John Atta Mills, John Kufuor and Jerry Rawlings who assumed presidential office after 1992. This makes the alleged GH₵500 notes inauthentic.

Similar claims were made of a GH₵500 note back in March 2021. The story periodically resurfaces on social media to mislead citizens.

Media outlets like Myjoyonline and Graphic Online have also published reports over the years cautioning the public about such false claims about new currency denominations.

Metro TV has also disassociated itself from the recent viral video.

“The Management of Metro TV wishes to categorically state that the trending video is false and that it has never broadcast any such story,” a statement read.

Financial experts advise the public to be vigilant about fake news concerning currency, especially amid Ghana’s current economic challenges.

The Bank of Ghana remains the sole legal issuer of currency and any new denominations would be officially communicated.

Source: Norvanreports

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