The Minority in Parliament has demanded that the Bank of Ghana (BoG) appear before Parliament to explain the circumstances surrounding the introduction of the new cedi banknotes, including concerns over the alleged misrepresentation of identities on some of the designs.
The caucus is seeking answers on the technical justification for changing the currency, the cost of the exercise, the due diligence undertaken in approving the designs and the potential cost of reprinting notes found to contain errors.
Speaking at 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 central bank must account to Parliament for such a significant exercise.
He said parliamentary committees responsible for oversight of the Bank of Ghana had not been adequately involved in the process.
“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 questioned the technical reasons for the currency change and called for disclosure of its financial implications.
“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.
His comments follow concerns over the identities of individuals featured on some of the new cedi notes unveiled by the Bank of Ghana on November 12 as part of its Heritage Series.
One of the concerns relates to the photograph used to represent Theodosia Salomey Okoh, designer of Ghana’s national flag. The Bank of Ghana has indicated that it will engage her family over the concerns and work towards addressing the issue.
Mr Oppong Nkrumah said the Minority expected the central bank to explain the design decisions and provide Parliament with the relevant documentation.
He added that the caucus would demand a copy of the due diligence report on the banknote designs, including details of those who approved it.
“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.
