New Heritage Series banknotes to coexist with old notes during gradual transition – President Mahama

President John Dramani Mahama has assured Ghanaians that the newly introduced Bank of Ghana Heritage Series banknotes will circulate alongside the existing currency notes during a gradual transition.

He said the new notes are not intended to immediately replace the old ones, as commercial banks will gradually withdraw the existing notes until the new series takes over completely.

Speaking at the launch of the Heritage Series banknotes, President Mahama said the new currency notes are made from reinforced cotton paper designed to improve their durability and extend their lifespan.

He explained that the redesigned notes are also smaller, making them easier to handle.

“The new series we introduced today is made of reinforced cotton paper, and is designed to last longer than the old currency notes they are replacing,” he said.

The President further clarified that the introduction of the new notes would not result in the immediate withdrawal of the existing currency.

“The new notes will run side by side with the old currency notes. They are not displacing the old currency notes. The banks will withdraw the old notes gradually until the new notes take over completely,” he stated.

The gradual transition is expected to allow the new Heritage Series banknotes to enter circulation while the existing notes remain in use.